FORMER Sydney Swans champions and good mates Adam Goodes and Michael O’Loughlin have lent their names to a new medal to be awarded during this year's Indigenous round.

The best player in the Swans’ Marn Grook match in Sir Doug Nicholls Round (formerly Indigenous Round) in round 10 against North Melbourne will win the inaugural Goodes-O’Loughlin Medal.

The initiative was officially given approval by the Sydney Swans Board at a meeting last month.

Collingwood president Eddie McGuire raised some eyebrows this week when he called for a medal named after Goodes to be awarded annually at a clash between the Magpies and the Swans.

The pair of Swans' greats have worked tirelessly both during and after their careers to support Indigenous youth through the Goodes-O’Loughlin (GO) Foundation.

Goodes finished a glittering career as the Swans’ games record holder with 372 games at the end of last season. He is a dual Brownlow medallist, won premierships in 2005 and 2012 and was named club champion on three occasions.

The superstar is also a member of the Indigenous Team of the Century, has four All Australian jumpers and was the League's Rising Star in 1999.

And beyond the playing field Goodes was also the 2014 Australian of the Year.

“This football club means so much to me and it was always such a privilege to pull on the red and white jumper, so this is a huge honour,” Goodes said.

“To have the medal coincide with Sir Doug Nicholls Round makes it even more special, as it’s a round that has always been close to my heart.”

O’Loughlin was Goodes' teammate in the 2005 premiership team and played 303 games for the Bloods, winning the Bob Skilton medal in 1998.

The two-time All Australian joined Goodes in the Indigenous Team of the Century and was inducted into the Australian Football Hall of Fame in 2015.

“Who would have thought that after coming to the club back in 1995 that I would be privileged to play 300-odd games, win a premiership and then have a medal bare my name – it really doesn’t get much better,” O’Loughlin said.

“It’s an honour and a privilege, and to be able to share it with my best mate is just fantastic.”