The woman contacted police after the images were posted to social media without her consent.

One shot depicts a topless woman wearing a the medal with the other taken from behind with her holding a Sherrin in front of a Tigers logo.

Victoria police confirmed an investigation is underway.

"Yarra Crime Investigation Unit detectives are investigating an image distributed on social media," the statement said.

"The image was posted without consent. As the investigation is ongoing it would be inappropriate to comment further."

Richmond president Peggy O'Neal told ABC's Q and A the club were aware of the incident.

"If it turns out that it is disrespectful to women we certainly don't stand for that, that's not what our club is about, and if someone has made a disrespectful and humiliating gesture then that will be taken into account," O'Neal said.

"I think that our club has shown its for equality, it's for inclusiveness and it wants to promote women, so the fact that someone has made a terrible judgment and maybe has been disrespectful, I think that doesn't say what the club is about or what the sport is about.

"I would expect that there’s an investigation going on now.

"I’m just not across the facts. It’s just been brought to my attention very recently within the last few hours but I understand that something’s going on."