Defender, Chris Smalling wanted to make a pun on the popular Jagerbomb drink by strapping bottles of Jagermeister and Red Bull to his body.
He was pictured in The Sun newspaper appearing to wear an army vest with the bottles, a mock circuit board and cables attached.
He apologised for any offence, his management firm said in a statement.
Wasserman Media Group told the Associated Press: "Chris and his girlfriend hosted a fancy dress party to celebrate Christmas and their belated birthdays with close friends in the assumed privacy of his own home.
"He dressed in a costume consisting of empty bottles of Jagermeister and cans of Red Bull strapped to his chest in an attempted comedy play on the popular 'Jagerbomb' drink.
"Although he fully accepts in hindsight it was an ill-thought out and insensitive decision, absolutely no harm was intended whatsoever and he apologises for any offence caused."