Swan will announce his retirement on Tuesday and is entitled to apply for final-year injury compensation – a figure that could be as high as $400,000 – because of the injury.

The 32-year-old, who has not played since round one, will be entitled to 50 per cent of his base salary for 2016 should he push for a payout.

The Brownlow medallist could be paid more for retiring than had he negotiated a new contract and been able to play more games next year.

Swan is expected to call time on his playing days after struggling to overcome his foot injury and on advice against playing on.

He suffered a Lisfranc fracture in his foot during Collingwood's game against Sydney, and still has trouble walking.

Swan broke three other bones in his foot – and also fractured his fibula – in the same collision with Swan Zak Jones.

Because Swan's injuries were not caused by pre-existing conditions, he should be entitled to the payout.

Should he apply, he must provide evidence that the injury will likely prevent him from playing football at any level in the future.

Swan signed his last contract extension in February 2014, a two-year deal that took him until the end of this season.

Compensation for players whose careers are ended by one-off injuries was increased as part of the current Collective Bargaining Agreement.

Players aged over 30 are entitled to 50 per cent of their base salary if their career is ended by a sudden injury.

Younger players are entitled to greater compensation if they find themselves in the same situation.

It is understood Swan has already begun the process of exploring his compensatory rights, while deciding whether to retire or attempt a comeback.

Former Richmond player Jake King this year received a payout for the toe injury he suffered in his final match for the Tigers.

King had seven surgeries on his toe, which was trod on in round three of the 2014 season.

Two of Swan's premiership teammates – Alan Toovey and Brent Macaffer – told the club on Monday that they had decided to retire.

Toovey and Macaffer arrived at Collingwood as rookies, before going on to play in the 2010 premiership team.

Macaffer played 77 games for the club, with his standout 2013 and 2014 seasons playing as a run-with player bookended by major knee injuries.

Fan favourite Toovey, chosen in the 2005 rookie draft, played 159 games and was an important member of the premiership back line.

Toovey told his teammates that he had fulfilled a childhood dream when Collingwood beat St Kilda in the replayed grand final.

"The blokes who haven't been able to do that – make sure you do everything possible with your career, it's definitely worth it," he said.

"It's been a fantastic experience and every single person in here has added to the experience.

"We've worked pretty hard. It's not an easy job at all, but the benefits you get from all that work you put in when it pays off is absolutely fantastic."

Macaffer said he had not expected to be drafted at all, then had arrived at Collingwood not thinking he would play a single senior game.

"You can get caught up in a lot of different things and feel sorry for yourself at times – injuries, form, stuff like that," he said in his speech.

"You can take it for granted and think you've had enough of it.

"It's not until it's taken away from you that you realise how much it means to you.

"Being in this environment with 40 of your best mates every day, having a laugh and that banter, just never take that for granted.

"It's so special."