It was revealed on Thursday that Lumumba may have played his last game for the club after he reacted to a 'joke' on the players' noticeboard that he perceived to be homophobic.
In the latest development on Friday, Lumumba was spotted at a Melbourne café speaking with Demons coach Paul Roos.
Discussions between Lumumba's management and the club will continue in the coming weeks, and both concede they may be better to part ways.
However, Magpies president McGuire said there was still the option for Lumumba - who is contracted for next year - to remain at the club.
"Sometimes it might be better for both to split. [It] doesn't mean you don't love each other, marriages break up every other day, sometimes amicably, sometimes the other way. This is one that is very amicable at the moment," McGuire said on Triple M on Friday.
"[We're] working through some situations to get the best opportunity for both club and player.
"There's no hatred, there's no friction, or anything else like that. There's different points of view, it's as simple as that.
"You never know, maybe we can get things sorted out."
McGuire said it would be a "mutual decision" between the player and Magpies as to whether Lumumba stays at the club or seeks a trade.
"You don't want to be fighting with people all the time, particularly people who you love and respect," McGuire said.
"We'll either work out whether there's a better option for everybody, or whether we can come together."
Lumumba has played 199 games with Collingwood and was a member of its 2010 premiership team.
