SA Liberal leader Vincent Tarzia said he had spoken to Mr Speirs and "he's assured me that he's of the belief that the footage is that of a deepfake".
"So my suggestion to David is that if he believes that that is the case, that he makes sure that he reports that to the authorities and I think he's taken that on board," he said on Tuesday.
Mr Speirs was "talking to his professional sources and my understanding is that he's considering that option", Mr Tarzia said.
Vincent Tarzia says David Speirs is considering reporting the footage to police. (David Mariuz/AAP PHOTOS)
"I'm very clear of the view that if that footage is of a fake nature, that David needs to report that to the relevant authorities, be that photos, be that footage as well."
Mr Speirs denies he's the person in the video and picture published by News Corp, calling the footage "very troubling".
"I believe this is a deepfake or an elaborate hoax," he said in a statement.
Tuesday was scheduled to be his first sitting day in Parliament since he quit as leader on August 8, but the Liberal Party confirmed he would be absent.
Mr Tarzia won a partyroom ballot after Mr Speirs stepped down, saying he "had a gutful" and didn't have the energy to continue as leader.
Premier Peter Malinauskas said the video and image was "all a bit breathtaking".
"The images that we see on the front page of The Advertiser this morning are concerning, but they are a matter that are exclusively for Vincent Tarzia and the South Australian division of the Liberal Party," he said.
"The dysfunction, the division and the chaos, that is a matter for Vincent Tarzia and Liberal Party.
Asked if the video and images should be investigated by police if they were a "deepfake", Mr Malinauskas said: "There's a big 'if' there, isn't there? I'm just not in a position to comment."
However, Mr Malinauskas said he didn't believe Mr Speirs should be investigated under an MP code of conduct at this stage.
The Advertiser reported the video was recorded at 4.12am on June 30, while Mr Speirs was still party leader, in the kitchen of his Kingston Park home in suburban Adelaide.
It reported metadata showed the still image was taken at 6.32am, allegedly showing Mr Speirs at the same bench next to a plate with seven lines of white powder.
The Liberal MP said he "would never have done that" and was "quite horrified".
The newspaper did not cite a source for the video and image but said it had been obtained after it was passed to a third party.
Mr Speirs, who returned earlier in September from Scotland after attending a family wedding, said he was surprised he was not named in Mr Tarzia's shadow cabinet.
He has said he's undecided if he will recontest his seat of Black at the 2025 state election.
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