The 61-year-old wrester - whose real name is Terry Bollea - can be heard in a 2007 sex tape, with the recording made public just last week, using the 'N-word' as he speculated about his daughter sleeping with a black man.
However, 'Magic Mike XXL' actor Kevin, 56, who has known Hulk for years, with the pair even forming the wrestling faction nWo in WCW together, was quick to defend his friend and insist he has never heard him use racial slurs.
Kevin tweeted: ''I've spent the last 23 years of my life with Hulk. I've been in the most diverse of situations and never heard Hulk use a racial slur.
''In no way dismissing the remarks.Just looking at the situation. Sex tape thats set up.Tapes that are easily edited. Content that was pushed
''I've watched Hulk do 10,000 make awish greetings. Religion creed or color. Never changed the love he shared.Judge a man put him with a child (sic).''
The recording features Hogan making a string of racist jibes to Heather Clem, a friend's wife whom he was filmed having sex with.
Meanwhile, another wrestler Sean Waltman has suggested that Hulk explain himself on a TV chat show.
He tweeted: ''A lot of the white folks jumping on the anti Hogan bandwagon might want to reflect on the racism that we have spewed ourselves.
''It's easy to denounce racism w words. Those words don't erase instilled racism from your heart overnight or at the snap of a finger.
''If I were @HulkHogan I would go on @nightlyshow right away & discuss this in a civil manner(albeit w a lil levity thrown in probably)
''Then I'd get Comedy Central, if they'd do it, to do Comedy Roast of Hulk Hogan & stack the Dais w the most relentless black comedians avail (sic).''
Waltman - known as X-Pac in the ring - previously co-starred in an amateur porn film '1 Night in China' with his ex Joanie Laurer A.K.A wrestler Chyna.
Hogan has a $100 million lawsuit pending against Gawker - the website that leaked his sex tape - for invasion of privacy. It will go to court later this year.
Lana Del Rey takes her 60s vintage aesthetic to the extreme with the video for new single 'Chemtrails Over The Country Club'.
Resisting the temptation to capitalise on the camp value of these characters, Channing Tatum and...
Magic Mike might be keeping his clothes on these days in favour of beginning a...
Three years after bowing out of the stripper career, Magic Mike (Channing Tatum), returns to...
John Wick was one of the criminal underground's finest hitmen until the untimely death of...
Watch the trailer for Magic Mike Mike likes to think of himself as an entrepreneur...
The latest trailer for the upcoming Rock of Ages movie adaption gives us much more...