The 26-year-old has missed two games with the knee issue that is causing soreness in his calf.
While Larkins expects the Hawthorn star to be available to train this week and face Essendon on Friday night, he believes the issue that stems from an injury sustained in the 2011 finals will haunt him for the rest of his playing days.
"I think it's an on-going management concern, whether he's at Hawthorn or GWS or playing in the bush," Larkins told AFL.com.au.
"It's a chronic low-grade knee condition – not a serious knee condition but it's a chronic condition.
"This is his third or fourth episode since 2011 of the same thing happening.
"They can't stop it; they have to deal with it and it will keep happening the rest of his career, I believe.
"It really just goes with the fact he's got some vulnerability in that knee from that 2011 incident."
Franklin injured his knee in the Hawks' qualifying final loss to Geelong that year in a dramatic hyperextension incident that left him in doubt for the following week.
He got up for the next two games – the Hawks' semi final win over the Sydney Swans and their preliminary final loss to Collingwood – but has had to manage his training load since.
The injury has left "residual inflammation" that occurs from time to time, and allows synovial fluid – the joint's natural lubrication – to build up into what's called a Baker's cyst.
The cyst is at the back of the knee, which can then leak down into the calf and cause irritation.
The same thing happened to Franklin in February this year when he was ruled out of the Indigenous All-Stars clash with Richmond in Alice Springs.
The condition is related specifically to a Baker's cyst and not a bursa, which was recently suggested.
"A bursa is usually attached to a joint. A cyst can occur in isolation," Larkins said.
"You can have a fluid containing cavity and it can be called a cyst. They're all fluid cavities; they're a bit like internal blisters.
"The problem is, he gets fluid in his knee from his old 2011 knee injury, the fluid builds up the Baker's cyst and it can leak the fluid into the back of his leg.
"Once they get all the fluid down, there's no new injury at all in Buddy."
Larkins said the issue would usually subside within a week to 10 days when it flared up.
"This time, it's taken a little bit longer but they're really confident that he'll be back to normal by Tuesday or Wednesday and train fully, and play Friday night," he said.
"I'm very confident that he's a good prospect to play on Friday against Essendon.
"He'll need to train properly but you expect he will this week."
Jennifer Phelan is a reporter for AFL Media. Follow her on Twitter @AFL_JenPhelan
