Scotland Yard did not identify the man other than to say he was in his 70s and lived in Cambridgeshire.
"The man ... was arrested at 0715 hours on suspicion of sexual offenses and has been taken into police custody locally," the statement said.
The Sunday Telegraph said a Twitter message making the rounds identified the suspect as a former producer at the BBC, where Savile was a star television and radio host for decades.
Savile died last year at the age of 84 as a scandal broke over a television documentary that labeled Savile a prolific child abuser with hundreds of potential victims.
Sunday's arrest was the third resulting from Scotland Yard's probe of Savile. Former rock star Gary Glitter and comedian Fred Starr have also been charged. Starr, 69, has consistently denied any wrongdoing.