The four-time All-Australian has missed the past two matches with swelling behind his knee.
Hawks skipper Luke Hodge said Franklin was eager to get back on the field.
"He ran on the weekend and said he pulled up really well," Hodge said at Waverley.
"He'll be preparing to play, as he did last week, and I guess he's got to tick a few boxes and hopefully he's ready for Friday night."
Franklin was also optimistic about his prospects of facing the Bombers as he left the Ricoh Centre later in the day.
“Fingers crossed, hopefully I’ll be right,” he said.
Four-time club best and fairest winner Sam Mitchell will also come back into the team to face the Bombers, after he was rested for Saturday's 19-point win over the Western Bulldogs.
One player who won't be in the line-up is half-back Grant Birchall, who is continuing his recovery from the posterior cruciate ligament injury he suffered against West Coast in round 13.
At the time of the injury, the Hawks' best-case scenario was for the 2012 All-Australian to be back playing after four weeks, but that now won't happen.
Hodge said Birchall was progressing well, but couldn't give a timeframe on his return.
"He was running down in Tassie on Saturday morning, so he's back moving and said he's feeling all right," he said.
"He hasn't missed too much footy over the course of his career, so he's keen to get back out there."
The Hawks will also be missing Liam Shiels, who is yet to fully recover from an ankle injury, and Shaun Burgoyne, who has a week to serve on his suspension for bumping Port Adelaide's Tom Logan.
The Bombers moved into second on the ladder courtesy of Geelong's loss to Adelaide on Sunday, and have so far had no problem covering for injured captain Jobe Watson.
Hodge said he expected a strong contest from the Hawks' traditional rivals.
"Essendon are playing some fantastic football," the 29-year-old said.
"Obviously it helps us having Jobe out, but they've shown they can step up and fill that gap."
The match is expected to be played in front of a capacity Etihad Stadium crowd.
Four-time club best and fairest winner Sam Mitchell will also come back into the team to face the Bombers, after he was rested for Saturday's 19-point win over the Western Bulldogs.
One player who won't be in the line-up is half-back Grant Birchall, who is continuing his recovery from the posterior cruciate ligament injury he suffered against West Coast in round 13.
At the time of the injury, the Hawks' best-case scenario was for the 2012 All-Australian to be back playing after four weeks, but that now won't happen.
Hodge said Birchall was progressing well, but couldn't give a timeframe on his return.
"He was running down in Tassie on Saturday morning, so he's back moving and said he's feeling all right," he said.
"He hasn't missed too much footy over the course of his career, so he's keen to get back out there."
The Hawks will also be missing Liam Shiels, who is yet to fully recover from an ankle injury, and Shaun Burgoyne, who has a week to serve on his suspension for bumping Port Adelaide's Tom Logan.
The Bombers moved into second on the ladder courtesy of Geelong's loss to Adelaide on Sunday, and have so far had no problem covering for injured captain Jobe Watson.
Hodge said he expected a strong contest from the Hawks' traditional rivals.
"Essendon are playing some fantastic football," the 29-year-old said.
"Obviously it helps us having Jobe out, but they've shown they can step up and fill that gap."
The match is expected to be played in front of a capacity Etihad Stadium crowd.
