Teina Pora is innocent and police have sought fresh evidence to have Malcolm Rewa charged with murder, Police Commissioner Mike Bush says.
However, Mr Bush said a review of the Susan Burdett case has found no new evidence, which is needed to overturn a stay on further prosecution of Rewa.
"I have had this revisited by my people. If we could revisit that again we would. But as you know, there is a stay in terms of that prosecution," Mr Bush said today after an appearance before a Parliamentary select committee.
"And we have no new evidence in order to put that before the court again. But I can tell you that we have made efforts and, at this stage, that is the end of that matter."
The stay on prosecution could be lifted under exceptional circumstances.
Mr Bush said police had received legal advice that Mr Pora's case did not meet that definition.
"There is no new evidence. If there was, we would revisit the matter."
Mr Pora this month accepted the Government's offer of $2.5 million compensation but has retained the option to ask the courts to review the decision not to add inflation.
But he told the Herald he did not feel he was treated fairly by the police, who could not accept he was innocent.
In a letter to the New Zealand Herald published last week Mr Pora, who wrongly spent almost 22 years in jail, said: "I do wish they would come out and apologise and acknowledge my innocence publicly and in person, like [Justice] Minister [Amy] Adams did."
The police had been trying to find evidence against him even this year, he said. "It feels like the people in charge of investigating me have lost control and can't let it go, can't let me go or admit they were wrong."
On June 3, Detective Superintendent Andy Lovelock told media that the police position was still that Mr Pora was a co-offender with Rewa.
At the time, Police were aware of the findings of the report clearing Mr Pora and recommending compensation.
"Mr Lovelock was aware of a report but it was embargoed. So he wasn't able to say anything," Mr Bush said today.
Police "absolutely accept the findings of the report. We accept he is innocent. There is no investigation against Mr Pora".
The independent review by former High Court judge Rodney Hansen, released this month, concluded Mr Pora was "innocent on the balance of probabilities" of the rape and murder of Ms Burdett in her Papatoetoe home in 1992.
The review also found the evidence in the case led to the "irresistible inference" serial rapist Rewa acted alone in the killing.
Rewa has been convicted of Ms Burdett's rape but not her murder, and is due for parole in 2018.
Mr Hansen was appointed last year to review the case after the Privy Council quashed Mr Pora's convictions and directed he not be tried again for the 1992 crimes.
Rewa was convicted of sex attacks on 25 women including the rape of Ms Burdett. But two juries could not agree whether he murdered her. After the second hung jury, the solicitor-general stayed a third prosecution.