Rankine is expected to learn his fate on Tuesday when the AFL detail a suspension which could rule the forward out of Adelaide's looming finals campaign.
The ladder-leading Crows have one home-and-away game before hosting two finals, with Rankine expected to be suspended for between three and five games.
Rankine has admitted using a homophobic slur against a unnamed Collingwood opponent in Adelaide's three-point win on Saturday night.
"I spoke to him last night on the phone and he's very remorseful," Adelaide's former captain Taylor Walker told Triple M radio on Tuesday.
"He understands that he has made a mistake and he'll accept whatever comes his way."
Rankine was interviewed by the AFL's integrity unit on Monday.
"He hasn't been outside ... he had a full day of investigation with the AFL yesterday," Walker said.
"And until such time the sanction is handed down, I can't comment on that.
"What I can comment on is that our footy club is a very positive and supportive environment ... we will support Ranks, however we don't agree with what happened."
Rankine will be the fourth player suspended for directing a homophobic slur at an opponent during an AFL game since last April.
Last month, West Coast's Jack Graham was banned for four games after admitting making a homophobic remark to a GWS player.
Last year, Gold Coast's Wil Powell was suspended for five matches and Port Adelaide's Jeremy Finlayson banned for three games, both for homophobic slurs.
Two VFL players have also recently been banned for homophobic slurs.
Last month, Sydney defender Riak Andrew was suspended for five matches for an anti-gay slur while playing for the Swans' reserves team against North Melbourne.
And last July, St Kilda's Lance Collard sat out six games for homophobic comments while playing in the VFL for Sandringham against Williamstown.
While Collard's offence was during a VFL game, he was an AFL-listed player and, as such, bound by AFL rules.
Gold Coast coach Damien Hardwick said those penalties had effectively "painted ourselves (the AFL) in a corner" when it came to Rankine's penalty.
"We can have a player that belts a guy in the jaw and will get maybe five weeks and then we used a term - which once again, I don't condone the behaviour," Hardwick told Fox Footy's AFL360 program on Monday night.
"But I think we've painted ourselves in a corner with regards to the penalty and length of penalty."
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