The incident happened early Tuesday morning inside a suite at the Four Seasons Hotel on the Ben Franklin Parkway.
A player for the Brooklyn Nets, Andray Blatche, and several other people were questioned at the Philadelphia Police Special Victims Unit.
While Blatche was among those released, police sources tell Action News that two other men are in custody.
No charges have been filed as this investigation continues.
Sources say the incident happened during an 'alcohol-fueled party' inside the suite and the victim is a 21-year-old woman from Philadelphia.
The Nets are scheduled to play the Philadelphia 76ers at home Tuesday night.
A spokesperson for the Brooklyn Nets told Action News the organization is aware of the situation but is not ready to release a statement.
Meanwhile, Four Seasons management said in a statement "Police responded to a call last night at the hotel, the hotel is fully cooperating with the Philadelphia Police."
Stay with Action News and 6abc.com as more information becomes available.