Eddie McGuire is willing to step down from the Collingwood presidency and his media jobs while the AFL deals with him under their racial vilification policy.

McGuire, who initially denied racially vilifying Sydney's Adam Goodes with Wednesday's stunning on-air clanger, has admitted on Wednesday night he did vilify Goodes, although inadvertently.

A deeply emotional Goodes has accepted McGuire's apology for using his Triple-M radio show to suggest the Swans star, who was called an "ape" by a Magpies fan on Friday night, be used to promote the King Kong musical.

But Swans coach John Longmire said while Goodes was keen to bring the matter to a close, he was even more upset by McGuire's remark than by the initial "ape" insult made by a 13-year-old girl.

AFL chief executive Andrew Demetriou said McGuire's comment was totally unacceptable and he wouldn't be spared because of his position.

"Mr McGuire's ill-judged comments have clearly compounded the hurt caused to Mr Goodes by the incident last Friday night," Mr Demetriou said.

"As a result, Mr McGuire will be treated under the rules as we would anyone else within the AFL competition."

That means he will have to meet with AFL officials and undergo counselling.

McGuire said he would gladly take whatever sanction came his way or step down from his Collingwood and media positions while the AFL process took place.

"If that's appropriate, if that's symbolic, that makes a difference, then I will. I'd have no problem with that," he told Fox Footy's AFL 360 program.

"I'd have no problem if Triple-M said have a spell, if Fox Footy said we don't want you to be the face of footy this weekend, maybe have a spell.

"I would happily do that and I'd cop that blemish on my impeccable record."

McGuire said he hadn't had time to fully consider whether he should remain as Magpies president, although he indicated he would.

But his tone was more conciliatory than earlier in the day, when he vehemently defended his reputation, telling reporters there was no need for him to resign, be fined or face a ban over what he termed a slip of the tongue, given his track record promoting equality.

Swans president Richard Colless refused to accept McGuire's contention that it was merely a slip of the tongue.

"A slip of the tongue is one word mispronounced. This was a few sentences," Colless said.

Colless, who said it was impossible to fully express the Swans' disappointment, also questioned McGuire's efforts to explain the comment as a ham-fisted attempt to describe how events were promoted in "the old days".

"I said, `I don't think you have anywhere to go on this. How can we defend a comment as crass as the one you've made?'"

Brazilian-born Magpies player Harry O'Brien said racism couldn't be tolerated, even from his own club's president.

He said while McGuire wasn't racist, the comment was and would have hurt a multitude of people, not just Goodes.

"This is not just about Adam Goodes," O'Brien said.

"When that young girl said that thing to Adam Goodes directly she may as well have been saying it to me and Andrew Krakouer and Lewis Jetta and anyone else that would find that offensive."

AFL community engagement manager Jason Mifsud used Twitter to suggest McGuire's words exposed deeper feelings, an accusation McGuire denied.

"Regardless of unconscious racial bias (being) exposed through extreme frustration/anger or stupid attempts at humour - it is still wrong!" Mifsud said.