A second photograph has also emerged with a woman standing with her back to the camera next to a wall with the Richmond logo on it.
The photo was taken after Richmond's stunning Grand Final win over Adelaide at the MCG.
The Herald Sun reported the AFL Integrity Unit is investigating the leaked photo and had been in contact with the woman, who has specifically raised the revenge porn claims.
Anyone convicted of Victorian revenge porn laws - where adults who send intimate images without the consent of the other person - faces up to two years jail.
A police statement said detectives from the Yarra Crime Investigation Unit were investigating.
"The image was posted without consent. As the investigation is ongoing it would be inappropriate to comment further."
Richmond president Peggy O'Neal, who is the club's first female president, said she was aware of the photo's existence but had few other details.
"I would expect that there's an investigation going on now," O'Neal said.
"I'm just not across the facts. It's just been brought to my attention very recently within the last few hours but I understand that something's going on."
O'Neal appeared on Q & A on Monday night and was pressed by an audience member on the alleged involvement of one of Richmond's premiership players, and whether or not the action to circulate the photo was in line with the AFL's Respect and Responsibility Policy.
O'Neal said that clubs were light years ahead of the AFL when it came to enforcing the policy and respecting women.
"The clubs are much more strict on themselves than the AFL is with the Respect and Responsibility Policy," she said.
The AFL has refused to comment on the incident.
