The Football Association have branded Twitter attacks on the England internationals as "appalling and unacceptable".
Both players missed penalties in the Euro 2012 quarter-final shoot-out defeat against Italy in Kiev and now it has transpired attacks have been launched on the popular social networking site.
The Football Association: "We are concerned at the reports regarding allegations of abuse aimed at England players Ashley Cole and Ashley Young on Twitter.
"They have just given everything for the national team at Euro 2012 and it is appalling and unacceptable that messages of an abusive type are being posted.
"We support any police investigation in identifying who is behind this."
A Metropolitan Police spokesman: "We are aware of alleged racist comments on Twitter following last night's England game and have launched an investigation.
"The allegation was made to MPS on 25 June by a member of the public relating to comments on a Twitter account supposedly based in London.
"No arrests at this early stage.
"The MPS is examining possible offences under Section 18/19 Public Order Act 1986."