Essendon are weighing up a decision that could see the famous 'Bomber' logo changed, with club great Matthew Lloyd expressing his disappointment at the thought of the suggestion.

The Bombers have had their current logo since 1997, with the famous aircraft emblem following on from a similar design the club has carried since the 1970s.

A report from theย Herald Sunย has suggested that the Victorian powerhouse has commenced a research project in recent months to attain feedback on the logo, looking to gain input from club members.

On Tuesday club President Dave Barham confirmed the club has commenced the early stage of the research project into its "brand and its elements."

Barham confirmed that Essendon's nickname as 'the Bombers' wouldn't change.

"The Essendon Football Club has a proud history as one of the oldest clubs in the AFL and we have a strong recognisable brand," Barham said in a letter to members.

"We are conducting a preliminary research project which centres around the Essendon brand and its elements.

"The research project is in its early phase. Members and supporters have been and will continue to be canvassed as part of this process, in addition to the engagement of multiple Essendon Football Club stakeholders.

"We have a proud history of more than 150 years and a deep connection to our members and supporters. This is and will always be respected and embraced.

"There is no immediate action to change the club logo or any elements of the club brand. This is a longer-term project with significant work to be completed.

"We proudly recognise that our future legacy begins with our proud history.

"We will always be called the Bombers."

It is understood that the club's famous red sash could be implemented as a key change in a pivot to a new emblem.

The project has garnered criticism from both fans and past players, with Lloyd expressing his displeasure at the thought of the club moving away from the 'Bomber' logo.

"I'd be very disappointed if the Bomber was gone,โ€ he said. "Have we got to that point, have we?

"Such a great logo and tradition of the Essendon Football Club, because it might upset the odd person or two. We lose something so special with our football club. I hope it stays."

The ongoing research project is also believed to be assessing the colour scheme that is currently used in the emblem, with the famous red and black also shared with grey.

Essendon last year unveiled a new logo to celebrate its 150-year anniversary, where an EFC monogram was used. No aircraft was included in the design.