A Porsche, a Volkswagen Polo and a Vauxhall Astra were involved in the crash at 2:50pm. The driver of the Polo, 35, was air-lifted to Nottingham's Queen's Medical Centre with serious injuries, while others suffered minor injures.
The former Middlesbrough, Coventry and Watford striker was later released on police bail.
King had recently got his career back on track after he was jailed for 18 months in October 2009 for groping a woman in a nightclub and breaking her nose after she spurned his 'disgusting' advances.
King was last month ruled out for the season after being forced to undergo knee surgery/