A knee complaint kept the Hawthorn forward from flying to Adelaide to play Port at the weekend.
The Hawks host the Bulldogs in Launceston on Saturday afternoon.
Franklin emerged from a Melbourne scanning clinic on Monday and told reporters he'd be ready to return.
"Yeah all good," Franklin said.
"Yeah they've come up all right, just a sore knee.
"I'll play this week, yep."
Franklin is the highest ranked forward in the Official AFL Player Ratings, ranked 13th best in the competition overall.
Hawks up ante with 'record' offer to Buddy
Teammate Sam Mitchell was less certain about the four-time All Australian's prospects of playing, saying the club could take a conservative approach.
"It wasn't a big deal – if he'd done it in the game the week before, he probably would have played [against the Power]," Mitchell said.
"But he did it at training, and it didn't settle down as quickly as they would have liked.
"I'd imagine he'll be available this week, but we'll obviously take a conservative [approach], the same way we did with Cyril [Rioli].
"At this time of year you don't want to have a re-flare, so if there's any risk you obviously leave him out of the side.
"But I'd imagine he'll be available."
Defender Ben Stratton was subbed from Saturday's win over the Power after receiving a knock to the head.
He will be monitored this week, with a decision on his fitness expected closer to selection.
"I've seen him walking around the footy club today, and he seems fine," Mitchell said.
"But you've obviously got to do the concussion testing.
"He'll go through that process – I think it's quite arduous – and they'll make a decision probably Thursday."
One player hoping for a recall to face the Bulldogs will be Brad Sewell, who was left out for the trip to AAMI Stadium after a quiet performance against Geelong the week before.
Mitchell said the dropping of his long-time midfield partner had put all senior players on notice that their spot in the side was not guaranteed.
He backed Sewell to win back his place and have a strong impact in the run to the finals.
"He was obviously disappointed that he didn't play on the weekend, but he'll bounce back," Mitchell said.
"He's a quality player and he'll get his form back and get back into the side.
"But it means we're in a good place if we've got that many guys who can play that we can leave him out of the side."
Mitchell said he didn't know if Sewell would come back into the team this week.
Matt Thompson and Mark Macgugan are reporters for AFL Media. Follow them on Twitter: @MattThompsonAFL and @AFL_MarkM.
