Yoon is being investigated due to the fact that he declared a state of emergency in early December, which threw South Korea into political chaos.
The joint investigation team – consisting of, among others, the police, an anti-corruption agency, and the defense department – announced on Monday that they had applied for an arrest warrant since Yoon had ignored three summonses to appear for questioning.
However, it remains uncertain whether the investigation team can execute the arrest, as Yoon's security service had previously blocked house searches of both his residence and office, citing concerns that it could affect military security.
The investigators also carried out a raid on the office of the military's counter-intelligence on Tuesday, reports AFP.
Lawyer: Invalid
As president, Yoon Suk-Yeol has immunity from prosecution, but this privilege does not extend to charges of rebellion or treason.
Oh Donh-Woon, head of the investigation team, has previously stated that a court-issued arrest warrant cannot be stopped legally by the president.
However, Yoon Suk-Yeol's lawyer claims that the investigation team lacks legal authority to conduct the investigation.
"The arrest warrant, house search, and seizure order issued by an authority without jurisdiction are illegal and invalid," says lawyer Yoon Kan-Keun in a comment to AFP.
Valid for a week
The arrest warrant is valid for a week, until next Monday, writes Yonhap. Once Yoon is arrested, the investigation team must apply for another arrest warrant within 48 hours to continue holding him for further questioning, otherwise, he must be released.
Yoon's presidential powers were taken away from him since the national assembly voted on December 14 to put him on trial.
The process is being driven by the constitutional court, which will decide whether Yoon should be removed or reinstated as president.