But while the woman in the second photo has reportedly admitted to willingly taking and uploading the picture of her next to the Richmond logo to her private Instagram account, she says she's not the one wearing the premiership medal in the other photo, according to The Herald Sun.
She said friends have mistaken her for the woman in that picture.
"They think I'm the woman with the breasts with the medallion," she said.
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 CEO boss Brendon Gale told afl.com.au he was aware of the "circumstances" of the photo and was willing to speak to police.
"We're committed to assisting police with any inquiries, should they be required, so at this stage it would be inappropriate to comment any further," Gale told reporters.
"What I will say is this club feels very strongly about the positive role women [play] at our club and in sport generally.
"This club feels very strongly about creating an environment where women can thrive, and this club feels very strongly about promoting attitudes and behaviours that are respectful of and supportive of women."
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.
