McGuire said although he was Fevola's friend, and the pair had regular SMS conversations, Collingwood would not recruit him, despite media speculation.
Age columnist and premiership coach Robert Walls said: "The only club I could see taking him would be Collingwood. He's got some sort of relationship with Eddie McGuire.
"[Fevola] would have to prove over the next 12 months that he's over his addictions and his bad ways. If he could do that and go to Collingwood on their terms, if he wasn't on too much money and he knew the eyes of the world were on him... that'd be his chance."
But McGuire said it would never happen. "I don't want to rain on the back page of The Age...but no."
The Triple M presenter said on his breakfast show that Fevola's best chance of returning to the AFL would be to play for a non-aligned VFL club such as Frankston and blitz in the lower level, following the example of Andrew Krakouer (who was recruited to Collingwood after dominating in the WAFL).
Fevola's other option is to become a 'punter' for an NFL team in the US, a la Darren Bennett, Ben Graham and Saverio Rocca. However, McGuire warned that option was a tough one.
"Fev is wanting to come back to Melbourne. He is really seriously trying to make a decision on whether the NFL is the place he needs to go, to be a punter," McGuire said.
"Which is a big jump. I mean, there's not too many who have gone over and made it happen. And they have the internet over there as well [so they will be aware of his history].
"But I think what he really would like to do more than anything is to play football again.
"He is prepared to play VFL football for nothing this year. And I think if his payout is good enough, he'd almost play AFL for nothing, just to get his career going again.
"He does need the structure of an AFL club to probably function. I think when he got the news on Sunday night it hit him like a tonne of bricks.
"He's a bit slow on the penny dropping, the old Fev, but it has dropped right on his head."
Former Bulldog Luke Darcy said Fevola could be a good fit for Greater Western Sydney.
"I reckon that might be his only hope. It's got Kevin Sheedy written all over it for me. He's had a history of having pride in recycling players who've got history in the past," Darcy said.
"I'm not sure someone in Melbourne would back themselves to try and do it third time round. I hope someone does. You can't ever have enough chances in my opinion."
McGuire hinted that the 'Fevola story' would soon be told on television current affairs program 60 Minutes. "So watch this space with interest," he said.
