As reported in the Herald Sun, the Pies president allegedly approached Riewoldt about a potential move to the Westpac Centre - despite the 30-year-old being under contract at St Kilda.
Riewoldt was reportedly interested in seeking a move due to the suspect handling of fellow Saints veterans Nick Dal Santo and Leigh Montagna but the veteran forward has also pledged his commitment to the club in light of the McGuire approach.
Outgoing Saints chief executive Michael Nettlefold said McGuire was prone to chatting to their player given his media commitments but said it was inappropriate to use that excuse to bring players to his club.
"I am aware Eddie McGuire will in the course of his media role make contact with players," Nettlefold told the Herald Sun.
"However, I phoned Gary Pert, my counterpart at Collingwood, to express my disappointment that a conversation of the nature it has been expressed to me has taken place.
"Nick Riewoldt is a champion of our club, he's a Saints man through and through and he won't be going anywhere."
Riewoldt is on holiday in the US and contacted the Saints to reaffirm his desire to stay.
McGuire is yet to pass comment, aside to say he leaves trade and free agency matters to the club.
But despite staying silent on Riewoldt, McGuire said he expected Collingwood midfielder Dale Thomas to complete a move to Carlton as early as Friday.
"Carlton are satisfied enough to offer him $700,000 over four years and I think there's an extra year on top of that as well so good luck to him," McGuire told Triple M.
"Unless we bring in a free agent from another club we will get pick 12 (as compensation for Thomas)."