Former Australian swimming king Geoff Huegill has hit troubled waters after he and his wife were allegedly caught with cocaine at Sydney's Royal Randwick racecourse.

New South Wales police were patrolling last Saturday's autumn carnival race meeting when they were directed to a suite in the grandstand by security.

Officers reportedly approached Huegill, 35, and his 30-year-old wife Sara Hills, after viewing CCTV footage of the two entering a disabled toilet. Police allegedly gained entry into the toilet after finding the door was locked with the couple inside.

Officers claim to have found a small quantity of white powder, believed to be cocaine, and charged the two with possessing a prohibited drug. They are due to appear in court on May 14.

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Huegill, a former butterfly world record holder, who won silver in the 4x100m medley relay and bronze in the 100m butterfly at the 2000 Olympics in Sydney, overcame battles with weight and depression to win two gold medals at the 2010 Commonwealth Games.

Already this year Olympic greats Ian Thorpe and Grant Hackett have spent time in rehab for depression and sleeping pill addiction.

- AAP