The announcement was made after 11 celebrities and footballers plunged, gasped and shivered their way into three tonnes of ice at the nation's largest stadium.

The Big Freeze 2 event held before the Collingwood-Melbourne match on the Queen's Birthday holiday raises crucial funds for the Cure for MND Foundation.

Football identity Neale Daniher was the face of the event, which last year raised more than $2 million.

Since his diagnosis with motor neurone disease in 2013,  Daniher has put aside his own suffering to push for research into a cure to the devastating condition.

Daniher's efforts have been recognised with a Member of the Order of Australia award in this year's Queen's Birthday Honours.

On Monday, he was on hand to push the participants into the icy cold pool full of 633 bags of ice.

They waited, dressed in white towelling robes, to face their turn under the chilly waters.

First to go in was former Richmond player Matthew Richardson dressed up - not surprisingly - as a tiger.

But his roar soon turned into a whimper when he made impact with the ice cubes.

The Tiger was followed by the Brisbane Lion, former captain Jonathan Brown, who turned up as Woody from Toy Story. Brown credited his six-year-old daughter with choosing his outfit.

He said the fundraising dip also managed to wake him up.

Next came comedian Anthony "Lehmo" Lehmann wearing nothing but budgie smugglers and a six-pack painted on his body.

Both the budgie smugglers and the paint stayed on post their encounter with the cold water.

Sports commentator Gerard Whateley. Photo: Darrian Traynor

Sports commentator Gerard Whateley, dressed up as Black Caviar jockey Luke Nolan, was followed by former Essendon player Matthew Lloyd dressed up as Daniher, complete with a number 6 jumper.

Port Adelaide charman David Koch couldn't wait to get out of the ice bath. Photo: Darrian Traynor

Channel Seven's Sunrise host David Koch came in - appropriately - as Olaf the Snowman from Disney's Frozen.

But he soon melted under the ice, telling commentator Hamish McLachlan he "needed to pee".

The freezing ice, however, robbed Koch's co-host Samantha Armytage of even the ability to speak.

Dressed up in a flimsy blue dress as Queen Elsa, Armytage could only stutter a few words. She was soon wrapped up in a space blanket to combat the freeze. 

TV personality Samantha Armytage takes part in the slide. Photo: Darrian Traynor

Looking uncannily like Carlton player Bruce Doull, comedian, television and radio personality Dave "Hughesy" Hughes drew a bit of laugh, but the loudest cheers were saved for Eddie McGuire. 

Collingwood President Eddie McGuire, a sponsor's dream. Photo: Darrian Traynor

In an expensive suit and tie, with a Rolex watch and Italian leather shoes to boot, McGuire came in as himself, complete with $10,000 worth of advertising pinned to his suit. 

Former Geelong player, now commentator, Cameron Ling as Ronald McDonald. Photo: Darrian Traynor

Geelong's former player Cameron Ling dived in as Ronald McDonald.

The last one to go in was Kevin Sheedy - the oldest man taking the challenge. 

Football legend Kevin Sheedy. Photo: Darrian Traynor

The 68-year-old, who had as a coach long told his team to not play as fairies, decked up as Tinker Bell.

The icy dip dislodged his wig, but not his belief in the cause.

Sheedy said the event gave hope to people and asked Australians to "dig deep".

With Carolyn Webb and Daniel Cherny