Andrew Krakouer has gained a second AFL life by joining Collingwood and Josh Fraser has done the same by parting ways with the premiers.

The Magpies confirmed late on Thursday afternoon that they had secured Krakouer as part of a deal with Gold Coast.

Fraser goes the other way, with the Suns ending their lucrative raid on uncontracted players to pick up the ruckman and Brisbane utility Jared Brennan by the Thursday 2pm deadline.

Krakouer, 27, is the son of North Melbourne great Jimmy and is fast becoming one of the great AFL comeback stories.

Delisted by Richmond in 2007 after 102 games, he was jailed for assault in WA.

He was released in late 2009 after 16 months behind bars and starred this season for Swan Districts in the WAFL.

Krakouer won the Sandover Medal as the league's top player and was also best afield in the grand final as Swan Districts took out the premiership.

"His form in the WAFL this year has obviously been outstanding, culminating in a superb performance in the grand final, winning the game off his own boot, virtually," said Magpies football manager Geoff Walsh.

"He has AFL experience, he has a lot going for him in terms of knowing what's required, we think his body has matured to let him be not only an inside-50 forward but also a guy who can take his turn through the midfield rotation.

"It's well-documented, he's had his issues, but the support he's received, particularly from Swan Districts, has been outstanding in allowing him to resume civilian life, so to speak.

"He's played his role throughout the whole thing too, in terms of accepting the issues that were at hand, dealing with them and overcoming them."

Collingwood also picked up ruckman Jonathon Ceglar as part of the Krakouer deal.

The Suns had taken Krakouer as a previously-listed AFL player, while they also had Ceglar as part of their recruiting concessions ahead of joining the league next year.

Gold Coast gave up the two players, plus three low draft picks, in return for Collingwood's top draft selection at No.25.

Fraser reached 200 games late in this season, but did not play in the finals after Darren Jolly had become Collingwood's top ruckman.

"It's just terrific for Josh he's able to resume his senior career, he obviously has plenty to offer Gold Coast," Walsh said.

"They're a fledgling club, they're going to need someone with Josh's experience and his ability to read a game.

"We're happy for him, he certainly deserves what he wants - he's been a great servant of Collingwood for a long time, we're happy he's getting another opportunity, for sure."

The Suns had already picked up Michael Rischetelli as their uncontracted signing from Brisbane, but under AFL rules they could also recruit Brennan with the Lions' permission.

Brisbane will receive a compensatory pick from the AFL for Brennan, which they will swap to Gold Coast in return for a higher selection.

Apart from the Krakouer deal, the only other trade completed on Thursday was Fremantle securing pre-listed Gold Coast defender Peter Faulks and the No.61 draft pick in return for selection No.55.

Brennan and Fraser join Geelong star Gary Ablett, Rischitelli, Nathan Bock (Adelaide), Nathan Krakouer (Port Adelaide), Campbell Brown (Hawthorn) and Jarrod Harbrow (Western Bulldogs) as Gold Coast's uncontracted signings.

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