AFL media relations manager Patrick Keane tweeted that the Swans had made an official offer to Franklin following Tuesday's news they had beaten Greater Western Sydney to the superstar's signature with a nine-year, $10 million offer.
Franklin's passage to the Swans is not yet a formality, however, with Keane saying the AFL was "still examining" the extraordinary offer.
Given Franklin is a restricted free agent, the Hawks can keep the two-time Coleman medallist by matching the Swans' deal. When the AFL ticks off on the Swans' offer, Hawthorn will then have 72 hours to make a decision.
But Hawthorn list manager Graham Wright told AFL.com.au earlier on Friday it was unlikely the Hawks would do that.
"It would be doubtful but we would wait until we actually see the offer first," Wright said.
"We're disappointed he is gone – at this stage – we have not seen any free agent offers come in yet and we will deal with that when they do."
Earlier on Friday former Swan Tadhg Kennelly said he was bemused by the storm created by Franklin's move to Sydney.
"I think it is fantastic and I can't understand the criticism that the club is getting," Kennelly tolds AFL.com.au's Gillette Trade Radio.