Eddie McGuire is vowing to sue Facebook over a fake news article that claimed the broadcaster was promoting a cure for erectile dysfunction.

A story has appeared on the social media network reporting McGuire had partnered with US talk show host Dr Phil to create a product called "TryVexan".

"I've tried Viagra, I've tried Red Ginseng, I've tried Cialis. TryVexan blows them all away," the fictional article quotes McGuire as saying.

The fake news story, which was published under a mocked up version of men's magazine GQ's website, said the "natural remedy" contained monkey head mushrooms and horny goat weed.

"I am so confident in the product Dr Phil and I have created that I am offering free samples to our viewers," the story claims McGuire said.

The fictional story appeared on a mock-up of GQ's website. (Supplied) (Supplied)

Eddie McGuire is vowing to sue Facebook over a fake news story. (AAP) (AAP)

But today the football commentator and Collingwood president said the story was "completely bogus".

"Needless to say, I'm not CEO of that company nor have I imbibed any of their product or have known anything of it," McGuire told 9NEWS presenter Tony Jones.

"My legal advisers today tell me it's some company out of Panama via Los Angeles, and somehow it ends up on Facebook without any checking and suddenly it's out there for public consumption."

McGuire said he believed Facebook had a "duty of care" to ensure ads on its platform were accurate.

"How Facebook can actually publish this in Australia has got me beat," he said.

McGuire said he'd never even met Dr Phil and warned people to steer clear of the product.

"The last thing I want anybody to do is to think, because my image is involved in this, that this drug is safe," McGuire said.