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Collingwood star Jordan De Goey is out of contract at the end of the AFL season and his latest partying antics could affect his next deal.

Collingwood have reportedly withdrawn a contract offer to Jordan De Goey amid the fallout from his partying at a Bali nightclub.

De Goey, who is out of contract at the end of this season, had a new two-year deal on the table.

The Age reports the deal was worth about $800,000 per season with a trigger for a further two years, but that the Magpies are now reassessing their options.

De Goey has returned to Melbourne after spending his mid-season break in Bali but was absent from Collingwood on Monday as teammates returned for training.

The 26-year-old is expected back at the club in the coming days.

Collingwood have been investigating after De Goey was filmed partying in Bali, with footage and images emerging on social media.

De Goey, who was given permission by the club to travel to Bali, was shown dancing and making crude gestures on the Indonesian party island.

It is unclear what punishment, if any, the club will hand De Goey for putting himself in that situation.

It also remains to be seen what effect the latest incident has on De Goey's value to rival clubs, with St Kilda most closely linked to a free-agency play for the explosive midfielder-forward.

Saints legend Nick Riewoldt said his former club should consider De Goey but would have to weigh up whether the player can change his ways.

"It's something you can entertain as a football club because let's not forget, we are talking about a serious on-field talent," Riewoldt told Fox Footy.

"For a club like St Kilda, which has won one premiership, he's a difference-maker.

"But this is all if you have a level of confidence a level of contrition has been shown."

The latest incident comes after De Goey was stood down by Collingwood last October when he was arrested for a drunken incident at a New York nightclub.

De Goey and a friend were arrested at a Manhattan rooftop bar following an alleged brawl with other patrons.

In January, De Goey pleaded guilty to a charge of harassment at a hearing at the Manhattan Criminal Court and was ordered to complete 10 counselling sessions with a focus on anger management and alcohol treatment.

He was stood down by Collingwood during the legal process and returned to training in January.

De Goey has been in strong form in 12 games this season, averaging 21.5 disposals and a goal per game.