According to the Sun Newspaper, the man, whose identity has not been revealed, told authorities that he had approached Spacey in 2008 asking for help with his career.
The two-time Oscar winner invited the young man, who was 23 at the time, to his home in South London. Spacey was artistic director of The Old Vic theater at that time. He held the post from 2004 to 2015.
The actor further told police that he and Spacey smoked marijuana, after which he passed out and upon regaining consciousness, he found Spacey performing oral sex on him.
The "House of Cards" star allegedly warned him not to tell anyone about the incident.
The man, now 32, first gave his account to the City of London Police, after which the police referred the complaint to Scotland Yard.
The Yard issued a statement saying that it was investigating an alleged incident in Lambeth the South London neighbourhood where Spacey maintains a home. The statement did not name Spacey as the alleged assailant.
"On 1 November, City of London Police referred an allegation of sexual assault to the Metropolitan Police Service [Scotland Yard].
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