The Hawks forward is out of contract and a limited free agent at season's end, and there has been widespread speculation that he could earn up to $2 million a season at another club.
Hawthorn could retain his services by matching any rival club's offer.
List manager Stephen Silvagni told Fox Footy on Sunday, "Obviously GWS is speaking to his management group."
Franklin is fourth in this year's Coleman Medal race, with 37 goals.
