Toney has said he is not offended by the chant, but has asked supporters to create a “family version” so younger supporters can join in.
The 23-year-old joined Peterborough from Newcastle last summer.
“I want to thank the supporters for the way they have backed me since I arrived at the football club,” Toney said in a statement posted to the offical club website.
“It is great to feel loved by the fans.
“Whilst the song is not offensive to me, it would be great to hear a new family version of the song so all of the young supporters in the stadium can join in too.”
The lyrics to that song were “offensive and discriminatory”, according to racism charity Kick It Out.
A spokesperson for the club said after the incident in Genk: ”The club condemns the highly offensive banner displayed prior to kick-off.
“To be clear, the image used perpetuated a racist stereotype and this is completely unacceptable.
“We acted swiftly to have the banner removed and are now working with local authorities and the stadium team in Genk to identify those responsible.
“Any subsequent action will be taken in keeping with our sanctions process.”
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