Adelaide forward Izak Rankine is under investigation for an alleged homophobic slur directed at an opponent during Saturday night’s win over Collingwood.

Should Rankine be found guilty, he faces missing the remainder of the season in what would be a massive blow to the Crows’ finals chances.

It’s understood key officials only became aware of the matter on Sunday, with investigations set to ramp up on Monday.

“We are aware of an alleged matter involving one of our players in Saturday night’s game and we are in discussions with the AFL,” Adelaide told 7NEWS in a statement.

The AFL said it is “aware of an alleged matter, with the Integrity Unit making enquiries”.

Collingwood declined to comment when contacted by 7NEWS on Sunday.

Adelaide captain Jordan Dawson spoke to media when he arrived at the club’s West Lakes headquarters on Monday.

“Obviously it’s not ideal,” he said.

“But it’s in the AFL’s hands, it’s being investigated and we will see what happens.

“We will wait and see and leave it up to the AFL to go through what they have to go through.”

Last month, West Coast’s Jack Graham was given a four-match ban for a homophobic slur, while last year Gold Coast’s Wil Powell copped a five-match ban for the same matter.

The Crows play North Melbourne in Round 24 before beginning their first finals campaign in eight years, which could total a maximum of five games left, depending on the result of their first final.

Rankine has been one of the club’s most damaging players this season in what has been a career-best 2025.

7NEWS is not suggesting Rankine has done anything wrong, only that the AFL is investigating.