COLLINGWOOD could know by as soon as Wednesday whether Jaidyn Stephenson faces any penalties after an AFL Integrity Unit investigation into allegations the Pies forward gambled on an AFL match.

AFL.com.au understands Stephenson was informed of the alleged indiscretion, which is believed to have involved a Collingwood game, during his recent mid-season bye.

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Should Stephenson be found guilty, he faces the potential of suspension for AFL matches in what would be a significant blow to the Pies' flag hopes.

Former Collingwood player Heath Shaw was the last player suspended for betting on an AFL match involving the Pies when he missed eight matches in 2011.  

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In 2015 current Pies defender Jack Crisp was fined $5000 when he placed a $129 multibet the previous season after he "forgot" players weren't allowed to bet on football.

More recently in 2017, Melbourne forward Jake Melksham was fined $10,000 for misleading AFL investigators during an inquiry into activity on his betting account.

AFL chief executive Gillon McLachlan is refusing to comment on the matter.

"I'm not going to make any comment about anything that may or not be before the integrity department," he told reporters on Tuesday.

Collingwood and the AFL Players' Association have been contacted for comment.