McGregor, a 2008 premiership player, has taken up an assistant coaching position with Penshurst in the Mininera District Football League.

He signed with the Bombers at the weekend.

McGregor's departure means the Swans will now be without at least six players from last year's grand final, all of which have left the club since it went down to North Ballarat City in the Ballarat Football League grand final.

Nick Garner, who captained the side in the finals series, is off to Donald with key forward Chris Prockter, while Rex Hickman is heading to Melton Centrals in the Riddell District Football League.

Versatile ruckman Sam Conroy has moved to Queensland and although star player Myles Sewell will still have Ballarat listed as his home club, will be playing the season at North Ballarat Roosters in the VFL.

Despite losing a swag of key players over the off-season, Ballarat coach Ash Baker remained confident his side still had what it took to match it with the best in 2015.

He said reigning Henderson Medalist Shane Hutchinson was also committed to pulling on the boots again in 2015.

"It's always disappointing losing a few top end players but there's not much we can do about it now," he said.

"We still have the nucleus of a strong side, there are a lot of good young players still around, with the mixture of experience as well."

McGregor returned to the Swans this year, having spent three years playing for St Mary's in the Geelong Football League.

The lightly-built speedster spent a lot of his time across the forward flank in 2014, where he kicked 25 goals for the season.

He played a total of 92 senior games for Ballarat, including 17 in 2014.

Penshurst was knocked out in of the 2014 MDFL finals series by Hawkesdale Macarthur, going down by just four points.