Olympic swimmer Geoff Huegill and his wife, Sara Hills, will appear in court after they were allegedly found carrying cocaine at the races in Sydney.

NSW police were patrolling Randwick racecourse on Saturday when they were directed to a suite in the grandstand by security personnel.

They say officers spoke to a 35-year-old man and his 30-year-old wife, who stand accused of possessing a small quantity of white powder, believed to be cocaine.

The couple will appear in Waverley Local Court on May 14.

Two-time Olympic medallist Huegill is the latest high-profile Australian swimmer to find himself in the spotlight.

Olympic greats Ian Thorpe and Grant Hackett have both spent time in rehab this year.

Mr Thorpe has been treated for depression and alcohol abuse while Mr Hackett recently returned from a stint in the US for a sleeping pill addiction.

Huegill battled weight problems after retiring from swimming following the 2004 Athens Olympics.

He turned his life around by losing 45 kilograms and returning to the pool, winning the 100m butterfly at the 2010 Commonwealth Games.

The 35 year-old is an ambassador for the Black Dog Institute which raises awareness about depression.