The 28-year-old French footballer was acquitted by a panel of nine men and three women at Chester Crown Court after a retrial.
Meddy, who wept as the verdicts were announced, was accused of attempting to rape a woman at his home in Cheshire in October 2018, as well as a separate charge of raping another woman at the same place in October 2020.
The defender was released by Manchester City last month at the end of his contract, having been banned by the Premier League champions during his arrest period in August 2021.
He managed to stand when he heard the verdicts but collapsed in his seat, head on his knees, wiping away tears with a white tissue.
Medy, who was out of contract with the Premier League champions on July 1, was acquitted of assaulting a 29-year-old woman at the time at his £4m mansion in Mottram St Andrews, Cheshire, in October 2018.
He was also found innocent of the rape of a second woman, 24 years old, two years later again at his residence.
According to the jury of six men and six women, the verdicts were announced after about three hours and 15 minutes.
Judge Stephen Everett responded: Mr. Mendy may leave the bench.
His trial was a retrial, as he had been acquitted by a jury earlier this year of six counts of rape and one count of sexual harassment, involving four young women or teenagers, after a six-month trial.
Committee members did not reach decisions on the two counts of rape and attempted rape that were retried.
Leaving Chester Courthouse on the final day of the final trial, which lasted three weeks, the former Manchester City footballer was emotional, but rather reserved in his statements.
When given the floor by his lawyer, the 28-year-old former French international full-back was content to say one word: "Alhamdulillah" which means "Glory be to Allah". His answer did not satisfy reporters who continued to ask questions, however Mendy continued to walk towards the exit and declined to comment further.