The Hawks announced on Tuesday that Rioli had committed until 2017, adding three years to his existing contract, which was not due to expire until the end of next season.
The club has now penned new deals for Rioli, Luke Hodge, Sam Mitchell and Jarryd Roughead this year, but is still chasing its most prized signature.
"I've played a lot of footy with 'Buddy', so hopefully now that I've re-signed, he might," Rioli said at the launch of his new book, Fox Swift, on Tuesday afternoon.
"But that's up to him."
Franklin will become a restricted free agent at the end of this season, and has deferred contract negotiations with the Hawks until then.
He is being heavily targeted by Greater Western Sydney.
Rioli played his first match in nine weeks against Geelong on Saturday night, after injuring his hamstring in round five.
The 23-year-old started as the substitute, collecting nine touches after coming on during the third quarter.
After getting through unscathed, he is hopeful of avoiding the green vest for the clash with Port Adelaide this weekend.
"To come on in such a big game, I was more nervous than my first ever game," Rioli said.
"But I've pulled up well.
"I've got full confidence in my body; probably the extra week [of training], and not playing against Brisbane, gave me a lot of confidence.
"Hopefully I can play out a full game this week."