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Greenwood was arrested on suspicion of rape and assault on Sunday, before being further arrested on Tuesday on suspicion of sexual assault and threats to kill.
The 20-year-old has since been released on bail 'pending further investigation' by police.
United have said fans can exchange their shirt for a new one with a different name and player on the back.
England international Greenwood will not train or play for United 'until further notice'.
A statement reads: "Manchester United reiterates its strong condemnation of violence of any kind.
"As previously communicated, Mason Greenwood will not train with, or play for, the club until further notice."
Sportswear giant Nike have suspended their relationship with Greenwood while club partner, Cadbury, will not feature Greenwood in any upcoming marketing or products.
The forward has been completely removed from United's online store and a search for his name brings back no products.
TeamViewer, who sponsor United, are said to be 'closely monitoring developments' regarding the allegations.
EA Sports announced Greenwood had been taken out of FIFA 22's offline modes in a new game update on Tuesday.
"Mason Greenwood has been removed from active squads in FIFA 22 and has also been suspended from appearing in FIFA Ultimate Team (FUT) packs and Ultimate Draft," an EA Sports spokesperson said.
Greenwood has been with United since the age of six and made his debut in 2019, with a first England cap coming the following year.
He's scored six times this season and started their last Premier League game, a 1-0 win over West Ham United on January 22.
The Daily Mail have reported Greenwood's teammates are 'shocked and appalled' at the allegations, which emerged on social media in the form of photos, audio recordings and a video.
A source told the outlet: "Everyone is very shaken up. This is very different to the normal things they have to deal with."
United return to action on Friday night against Middlesbrough in the FA Cup.
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