A report in the 'New Zealand Herald' claimed Cairns, who was commentating for Sky TV in the New Zealand-West Indies Test series till the news broke, fast bowler Daryl Tuffey and batsman Lou Vincent are the players who are believed to be under investigation.
Neither the ICC nor the New Zealand Cricket (NZC) has confirmed the names of the players being investigated but the world cricket body (ICC) has acknowledged that a probe is on.
"Naturally, as the investigation remains ongoing and nobody has been charged with any offence, no further comment will be made by the ICC or by NZC," the release added.
Sky TV spokesperson Kirsty Way said Cairns was no more doing commentary after being named.
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"This was news to Sky and we understand it was news to Chris. He has elected to stop commentating on the current test match and come back to Auckland to be with his family. Sky will be talking to him over the coming days," she Way was quoted as saying by 'New Zealand Herald'.
The newspaper said the findings of the investigation would likely result "in the biggest sports scandal in New Zealand's history."
New Zealand Cricket boss David White speaking at a press conference before the third day's play in the opening test, said they are "shocked and surprised" by the allegations.
"NZC had been aware the ICC had been investigating the activities of a ''small number" of former New Zealand cricketers for several months. Firstly no current New Zealand players are being investigated, no games played in New Zealand are being investigated, and lastly no matches under NZC's jurisdiction are being investigated," he said.