The AFL have been investigating the allegation levelled against Collard stemming from a heated exchange in last week's VFL match against Frankston.
The allegation comes less than two years after Collard served a six-game ban for the same offence.
The 21-year-old will front a disciplinary tribunal hearing on a yet-to-be-determined day next week, with his future at the Saints on thin ice.
Earlier this week, Collard was slapped with a three-match ban, reduced to two with an early guilty plea, for dishing out a high hit in the same match he allegedly said the homophobic slur.
Collard's swinging arm to the head of his opponent sparked an on-field melee.
But it is the alleged homophobic slur that looms as the most serious charge, especially given Collard's history.
It's been reported Collard has told AFL investigators he didn't use a homophobic slur.
Collard's 2024 ban while he was playing for VFL side Sandringham - then affiliated with the Saints - was among several cases of homophobic slurs that prompted an AFL crackdown.
It culminated in Adelaide star Izak Rankine being banned for four AFL games at the end of last season after an incident in a game against Collingwood.
Rankine missed the Crows' finals series and returned from the suspension for their round-three loss to the Western Bulldogs.
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