POLICE are investigating the photo of a topless woman with a premiership medal draped around her neck being circulated without her permission.

The photo emerged on social media hours after Richmond won the Grand Final. 

"Yarra Crime Investigation Unit detectives are investigating an image distributed on social media," a statement from Victoria Police read.

"The image was posted without consent.

"As the investigation is ongoing it would be inappropriate to comment further."

The player responsible could be charged under the 2014 'sexting' laws. The maximum penalty for that offence is two years in jail.

Richmond had no comment when contacted on Tuesday night.

However, Tigers president Peggy O'Neal told ABC on Monday a punishment could be handed to the player responsible if the investigation found the woman had been wronged.

"If it turns out that it is disrespectful to women, we certainly don't stand for that. That's not what our club's about and if someone has made a disrespectful and humiliating gesture, then of course it will be taken into account," O'Neal said.

"That isn't what we're about, it isn't what the AFL's about. I think that our club has shown it's for equality, it’s for inclusiveness, and it wants to promote women."

The AFL had not responded to a request for comment at the time of publication.

AFL.com.au has made the decision not to publish the photo.