Paul Croft, 19, from Eccles, Salford, was beaten to death with a baseball bat in an alleyway in Pendlebury in 2005.
No-one has been convicted over the killing, despite Greater Manchester Police (GMP) offering a Â£50,000 reward in 2010.
The force said a 27-year-old man had been arrested on suspicion of murder.
He was previously arrested in March 2005 and February 2006, a police spokesman said.
The development came after a fresh investigation by GMP's cold case unit.
Mr Croft, the eldest of five children, had been drinking in the Newmarket pub in Swinton on the day he was attacked, on 24 March of that year.
Police received calls just after 20:00 GMT to say that a man was being attacked at Sandy Path, near the Lord Nelson pub in Pendlebury.
Mr Croft suffered severe head injuries and died a week later in hospital.
His girlfriend was seven months pregnant with his twins at the time.
The arrested man has been bailed until 15 September pending further inquires.
A man has been arrested for a third time in connection with the murder of a man who died in a vicious attack 11 years ago.