Three men from Lancashire, England, and one from Glasgow were arrested when officers recovered the famed painting, which had been snatched from the Duke of Buccleuch's estate near Thornhill, in Dumfries and Galloway, the BBC reported Friday.
The painting had been in the Buccleuch family for almost 200 years and its theft sparked a worldwide search, with the FBI putting the painting on its list of 10 most wanted pieces of stolen artwork.
Art experts confirmed the painting found in Glasgow was the one stolen in August 2003.
Police, acting on intelligence reports, intercepted a meeting between five people in the center of Glasgow and the painting was recovered at the scene.
Investigators have not disclosed further details, but it is understood a deal for the sale of the painting may have been in the works.
The suspects were scheduled to appear in Dumfries Sheriff Court.
The recovery of the painting comes a month after the death of the Duke of Buccleuch, who died in September at 83.