Controversial footage recently emerged of Megan appearing on the series Closing Time after the 2008 Beijing Olympics, in which she repeatedly referred to the Chinese people as "ch**ks".
Megan also chided the Chinese for driving "like ninjas" and claimed that they "take pictures of everything" in the clip.
She later issued a public apology for the video, but insisted that she was playing a character rather than expressing her actual beliefs about the Chinese populace.
Megan has now claimed she never intended to offend "any culture or class of people" in an interview with Us Weekly.
"This was not a real interview, and it in no way reflects my true feelings or persona whatsoever," she explained. "The intent was to make fun of the ignorance of people who actually do not have an understanding of other cultures and speak in racist ways."
She continued: "The skit and my character were supposed to be making fun of ignorance... I do see how it was highly offensive to the viewer, but as seen by today's widespread outrage, it clearly did increase awareness of the ignorance of those who are racist.
"While the intent of the script was to shed light on cultural ignorance, I realise that in application it did offend people, and for that I apologise."
Megan's brother Ryan has not yet publicly commented on the scandal.
The champion swimmer took home five medals at the 2012 London Games, including two gold.