The England midfielder appeared to stamp on the striker after coming on as a substitute during Spurs' 4-2 defeat by Bolton.
A Football Association spokesman confirmed however that Huddlestone, 23, will not be charged, saying: "We can confirm there will be no action taken against Tom Huddlestone."
The decision has been taken because referee Chris Hoy has confirmed to the FA that match officials did see the incident.
Even if the full nature of the incident was not seen by the officials, under FIFA rules the FA are then not allowed to summon video evidence to try the case retrospectively.
The outcome means Huddlestone has escaped a possible three-match ban for violent conduct and is available for tomorrow's visit of Sunderland.
Spurs manager Harry Redknapp insisted at today's press conference that he had yet to see the incident.
Redknapp said: "I'm going to say something that you probably don't even believe: I never even saw it - and I still haven't seen it.
"I'll go outside and I'll watch it right now, but I genuinely haven't seen the challenge.
"I know there are a few managers that say they didn't see what happened, and I'm not becoming one of them but I never saw what happened."
Television pictures show Huddlestone's left foot making contact with Elmander's chest.
Redknapp claimed today Bolton were content any contact had not been intentional.
"I spoke to them afterwards and they said they felt it was an accident," he said.
Huddlestone has already avoided a UEFA charge this season after television pictures showed his elbow making contact with the face of an opponent during Spurs' Champions League win over FC Twente.
Redknapp insisted that such aggressive behaviour was completely out of character.
"Yeah, it would be, for sure," he said. "But if he did it then he did it. If he didn't, I don't know."