The Blue Jays also announced that they optioned right-hander Anthony Castro to triple-A Buffalo in a corresponding move.
McGuire, 27, played in 141 career big-league games with the Blue Jays spanning four seasons. He batted .253/.310/.343 with one home run and 10 RBI in 78 games with Toronto during the 2021 campaign.
Collins, 27, debuted with the White Sox in 2019 and has made 114 appearances in the majors. He batted .210/.330/.338 to go with four home runs and 26 RBI in 2021.
The Blue Jays open their 2022 regular season this Friday at home against the Texas Rangers. You can watch the game live on Sportsnet with coverage starting at 5 p.m. ET / 2 p.m. PT with a special edition of Tim and Friends live from the Rogers Centre followed by a one-hour edition of Blue Jays Central at 6 p.m. ET / 3 p.m. PT.