The prized recruit will headline the squad, which will depart this Friday for two test matches on October 19 and 26.
Franklin will miss the second test, having committed to returning home for the wedding of former Hawthorn teammate Brent Guerra.
Despite being able to play only one match, Franklin said it was an opportunity not to be missed.
"The AFL has been great in terms of getting this indigenous game up and running.
"This has been something in the making for a long time and for us to go over there and represent our country, we are really looking forward to it.
"For the AFL to make that happen we really do appreciate it."
Franklin will be part of a strong Swans contingent that will travel to the Emerald Isle.
The 26-year-old will be joined by new teammates Lewis Jetta and Tony Armstrong, along with Adam Goodes, who will be joining the coaching panel.
Adding to the Swans flavour is club legend and newly appointed academy coach Michael O'Loughlin, who will coach the side with support fellow premiership player and Irish export Tadhg Kennelly.
Coach John Longmire said he understood the opportunity for his indigenous players, but joked that he hoped his multi-million dollar recruit would play as the side's goalkeeper.
"I told him to be goalkeeper - if he put his hand up for that it would be really good," Longmire said.
"You can't help but sit there as a coach and hope all of your players don't get injured and aren't exposed to things outside of your own football club.
"But I think it's important for Lance and it's important for the AFL. It's a great opportunity and really important for these blokes to be able to do that."
Supported by Coles and the National Aboriginal Community Controlled Health Organisation (NACCHO), the Indigenous team will train in Melbourne on Friday.
AFL football operations manager Mark Evans said this year's International Rules series was a historic one.
"The series is a fantastic opportunity for the Indigenous All-Stars to come together as a team and to represent Australia for the first time in the International Rules series against Ireland," he said.
In the most recent series in Ireland in 2010, Australia secured a 2-0 victory under Mick Malthouse, before losing 2-0 in Australia in 2011.
