Wagga's councillors voted to sack Mr Eldridge at an extraordinary council meeting in May 2017 amid allegations he had failed to declare a pecuniary interest.

Council's general manager Peter Thompson said the Independent Commission Against Corruption had notified the council on Wednesday afternoon that the investigation was complete.

"ICAC has advised that it has finished its inquiries and the investigation is now closed," he said in a statement.

"It has concluded that available evidence was insufficient to support findings of serious or systemic corrupt conduct."

Last year, Mr Eldridge told The Daily Advertiser that he had commenced proceedings in the NSW Supreme Court "seeking substantial damages from Wagga Wagga City Council relating to my wrongful dismissal in May 2017".

"I have only done so after much deliberation and with the benefit of significant legal advice, but I believe strongly that at the end of the day the record needs to be corrected," he said in a statement.

"I have and continue to maintain that my removal as general manager was done without justification and I am determined to prosecute my case with vigour and determination."

Mr Thompson said that "as there is an action in the Supreme Court in relation to some of the factual circumstances, the council will not be issuing any further comment".

Mr Eldridge did not respond to The Daily Advertiser's requests for comment on the matter.

A spokesperson for the Independent Commission Against Corruption said it does not comment on its investigations or operational matters.