The electric small forward has signed a three-year contract extension, which will keep him at the Hawks until at least the end of 2017.
Rioli was not due to come out of contract until the end of next season, but has chosen to re-commit more than a year in advance.
He joins teammates including Luke Hodge, Sam Mitchell, Jarryd Roughead, Luke Breust and Ben Stratton in penning new deals this season, as Hawthorn continues to secure its list despite not knowing if Franklin will remain beyond 2013.
Watch Cyril Rioli speak to Hawks TV
Franklin will become a restricted free agent at the end of this season, and has chosen to put contract talks with the Hawks on hold until then.
He is being courted with big money by Greater Western Sydney.
Rioli, the Hawks' second-most marketable star, told the club's website his decision was a "no-brainer".
"If I could stick around here for the rest of my career, I'll be a very happy man," Rioli told hawthornfc.com.au.
"This contract gets me to 10 years at this club so hopefully I can play some good footy and get another extension and be around here until I finish.
"That's my goal, to stick around at the Hawthorn Football Club for as long as I can."
The 23-year-old, who will turn 24 next week, has played 112 games for the Hawks, including the 2008 Grand Final win in his first season.
He said returning to the premiership dais was his burning ambition after the pain of last year's defeat to the Sydney Swans.
"Last year's Grand Final is something that drives me and probably will drive me for the rest of my career," Rioli said.
"All the pre-season I was thinking about it and I just wanted to get back into it."
Rioli made his comeback from a hamstring injury in the 10-point loss to Geelong on Saturday night.
In his first game since round five, he started as the sub, collecting nine disposals after coming on during the third quarter.
