The four-time All Australian missed the weekend's 46-point win over St Kilda with hamstring tightness, but Lewis says he should be fit to take his place against the Magpies.
"We expect Buddy to play," Lewis said at Waverley on Monday morning.
"It was just a little niggly injury that kept him out on the weekend."
Franklin has a strong record against the Magpies, having booted 50 goals from 12 matches against them, at an average of 4.17 a game.
He has kicked five goals or more in five of the 12 clashes.
Fellow stars Luke Hodge and Grant Birchall will seek to prove their fitness on the training track ahead of Thursday selection, as will ruckman Max Bailey, who has missed the past fortnight, first with a corked hip and then knee soreness.
Hodge had surgery to repair a fractured thumb a week ago, while Birchall has missed seven matches with a posterior cruciate ligament injury.
And midfielder Liam Shiels could also come into contention after making it through his return from an ankle injury in the VFL.
After successive slow starts for the Hawks against the Saints and Richmond, Lewis was confident the issue wouldn't be repeated in Friday night's blockbuster.
"If you start this week's game a bit sluggish, you may as well not be playing AFL football," the 27-year-old said.
"There will be 80,000 people there, and it's against Collingwood.
"Any player that can't get up for this game has got worries."
Hawthorn has won its past four starts against the Magpies by an average margin of just over 40 points.
It has kicked at least 20 goals in each of those matches.
Lewis said the battle against Collingwood's midfield – containing in-form ball-winners Dane Swan, Scott Pendlebury, Dayne Beams and Luke Ball – would be key to making it five in a row.
"They have one of the premium midfields in the competition, and their forwards are only as good as the midfield delivery they're getting, which at the moment is first class," he said.
"So I think that's where we start.
"If we can win that battle, it goes a long way to winning the game."
The Magpies have surged to fifth on the ladder following Saturday night's convincing away victory over fellow top four contenders the Sydney Swans, which came on the back of a 79-point thrashing of Essendon the week before.
"Collingwood have come off two really good wins against quality sides, and no matter where they are on the ladder they're always going to produce a good game and a big crowd, so we're looking forward to it," Lewis said.
