Swan went to a function at a Coburg pizza restaurant, Gatto Nero, owned by Gatto's brother John, on Tuesday night and spoke at the fundraising event.
He had his photo taken with guests, including Mick Gatto.
Speaking from Italy, McGuire told radio station Triple M on Thursday that he would speak to Swan but he had no issue with the 30-year-old's attendance at the function.
"I’m not being flippant about it, I'll talk to Swanny when I get back or when he gets up this morning at some stage just to check out exactly what’s going on," McGuire said.
"As long as Swannie is walking the tightrope correctly, as long as he informs people what is going on and as long as he doesn't get himself in trouble then I don't see too much of a problem with this situation."
Swan received support on Thursday morning from former teammate Dale Thomas, who said he believed the Magpie was prone to more media scrutiny than most.
"I know Swannie quite well obviously," Thomas told AFL.com.au.
"I'm not sure how much he'll read into it. I think it's one his football club will deal with.
"But hopefully for Dane, as a mate, he doesn't get into any sort of trouble because if you can't go to a pizza restaurant anymore, then where can you go?
"There's no doubt that players are scrutinised now more often, but it's unfortunate that Dane probably cops it more than anyone."
According to Fairfax Media reports, Swan told Collingwood that his manager Liam Pickering organised the event and he was unaware of the background of some of those in attendance.
However Pickering reportedly told Fairfax on Wednesday night that he was unaware of the event and Swan's attendance at the function was organised through a friend of the Magpie midfielder's.
Gatto has been investigated in relation to several criminal matters but according to Fairfax has not had a serious criminal charge proven against him for over a decade.
The man himself told 774 ABC Melbourne that he could not understand what the controversy was about.
"I mean there's nothing in it. Dane Swan is a real champion of a man; he spent time with elderly people, with the children," Mr Gatto said.
"He came over and briefly said hello to me, I asked him for a photo and that was it.
"There's nothing in it. It's never a problem until the media makes it a problem."
The AFL has been strong in discouraging players from fraternising with people with alleged criminal connections, with concerns raised that it leaves players vulnerable to those who want to influence game results.
Former CEO Andrew Demetriou criticised Richmond player Jake King for his association with former Bandido Toby Mitchell.
He said at the time that the AFL had every right to tell players who they should and should not associate with.
Thomas questioned whether the League had that right.
"Ithink the AFL are fully aware they have the greater brand of the AFL tolook after, so I think that's what they're trying to do,"he said.
"As far as choosing who your friends are, well people will be friends with whoever they want regardless.
"Ithink the AFL has the best intentions at heart - whether or not steppingin to tell players who they can hang out with is the right thing,that's probably up for debate a little bit."
The AFL's new CEO Gillon McLachlan was not prepared to comment on Swan's attendance at the function until he had further details.
