Police investigating allegations of financial impropriety against Phil Egan, the author of the Hawthorn racism review, are yet to interview him despite the probe beginning months ago.

Egan, a Richmond star of the 1980s, told National Indigenous Times on Thursday he has been falsely accused of siphoning hundreds of thousands of dollars from the Murray Valley Aboriginal Cooperative between 2010 and 2012.

It has been claimed Egan issued payments from the organisation to contractors, who subsequently transferred money to his bank account.

Egan was at the time a senior manager at the co-operative, based out of Robinvale in Victoria, which assists local Indigenous communities.

"I categorically deny I have stolen from the Murray Valley Aboriginal Cooperative (MVAC) in any way whatsoever," Egan said.

"At all times, I acted with honesty, integrity and in the best interests of the MVAC."

Egan's investigation of Hawthorn resulted in allegations of severe and systemic racism levelled at former four-time premiership coach Alistair Clarkson and football manager Chris Fagan between 2010 and 2016.

"Regardless of these slurs against my name, I am extremely confident that this dog whistling will in no way diminish or discredit the entirely separate and independent investigation commissioned by the AFL and lead by Mr Bernard Quinn KC, with which I have no involvement," he said.

"To try to dismantle that process by destroying my reputation, I suspect will be as futile as it is outrageous."

Victoria Police have not laid charges against Egan and no explanation has been given why it took 10 years for the claims to emerge.

"Despite the very historical nature of the alleged wrongdoing, and the police investigation having been underway for several months, I have not once been contacted by Victoria Police in relation to the allegation," Egan said.

"I look forward to speaking to Victoria Police and responding to all its questions."

The story of the investigation broke on Wednesday after a Herald Sun online report.

Egan, now the managing director of an education and community development consultancy, accused the Victorian newspaper of not giving him a fair right of reply to respond to the allegation prior to its publication.

The newspaper stated in its report that it had contacted Egan.

Egan's lawyers have been instructed to commence legal proceedings against the owners of the Herald Sun.