Krakouer played 102 games for the Tigers (2001-2007) and 35 for the Magpies (2011-2013), kicking three goals in the Pies' 2011 grand-final loss to Geelong.
His AFL comeback came after he was jailed in 2008 for 16 months over a serious assault.
Ex-Collingwood coach Nathan Buckley described 2011 mark-of-the-year winner Krakouer as "a genius" on the field.
"He made the most of his opportunities," Buckley said on SEN.
"He was troubled at times, but what a brilliant footballer. Really calm, quiet teammate who was respectful and went about his business.
"I really enjoyed the years with him, and that's really sad for his family, first and foremost.
"He was just a genius. He was just a player who could do the special things … the hanger he took in 2011 on Marvel (Stadium) was elite.
"He loved the game, found a way to impact and could do things other players couldn't do. He was exceptional."
Krakouer fell out with Collingwood following the 2021 Do Better report into allegations of racism, but made peace with the club the following year.
Krakouer was remembered by former Richmond teammate Matthew Richardson as "a beautiful man who was loved by all his teammates".
Ex-Tigers chief executive Brendon Gale said Krakouer was "deeply loved" and a "special talent".
Krakouer was a star at state-league level, delivering a brilliant 2010 WAFL season that earned him a second chance in the AFL.
He won the Sandover Medal as the WAFL's best player that season and was awarded the Simpson Medal as best afield in Swan Districts' grand-final win over Claremont.
He tallied 42 disposals and four goals in the decider, kicking the match-winner in the dying seconds of a one-point victory that clinched Swans' first premiership in 20 years.
Krakouer's father Jim and uncle Phil were stars with Claremont in the WAFL and North Melbourne in the VFL during the 1980s.
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