An AFL fan has put $1 million on ladder leaders Collingwood to defeat Carlton later this month, with the wager the largest ever taken on an AFL game by Tabcorp.

The Magpies and Blues will go head-to-head at the MCG in Round 20 on Friday, July 28, with Carlton seeking revenge after falling to Collingwood by 28 points in May.

One fan believes Craig McRae's men will back up that win and make it two from two in 2023, with the TAB revealing this week one punter has placed seven figures on Collingwood to claim the win.

If the black and white prevail, the punter will profit $400,000, with the Magpies paying $1.40 in the head-to-head market.

"Yesterday we took a $1 million bet on them for Round 20 against Carlton, paying $1.40," TAB's Jaimee Rogers told Pure Footy. 

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"That's our largest AFL wager that we've ever taken."

Carlton are paying $3.00 to win the game, while the line is placed at 16.5.

Collingwood haven't lost to Carlton since Round 18, 2021, with their winning run currently sitting at three against their arch-rivals.

The Magpies have been the form side of the competition this year, while the Blues have claimed three successive wins to place themselves back in the finals race.

TAB's premiership odds have Collingwood priced at $3.00 to win the flag, while the Blues are sitting at $51.00. Carlton are currently paying $4.00 to make the top eight and $1.20 to miss the finals altogether.

Collingwood face Fremantle and Port Adelaide before their clash with the Blues, while Carlton have the Power and West Coast across the two weeks.