HAWTHORN will seek to extend star forward Lance Franklin's contract at the end of this season to protect against big money offers from rival teams.

Franklin's contract with the Hawks expires at the end of 2013, after which he will become a restricted free agent.

CEO Stuart Fox said the club was keen to avoid the type of speculation around the three-time All Australian that has followed Collingwood big man Travis Cloke this year.

"We've seen the issues around Collingwood with Travis Cloke, and I don't want that for our club, because when you're trying to perform and the focus is on one individual it can detract from your goal," Fox said at the pre-match function ahead of the Hawks' clash with Greater Western Sydney on Sunday.

"So we'll work towards signing Buddy at the end of the year.

"As we know, we're in a very competitive market dealing with free agency.

"He's a restricted free agent at the end of this contract, which means that if another club happened to make him an offer, we would have to match it.

"So it's very dangerous territory to be talking about that, because if he does get a really big offer, we're bigger than just Buddy, so we've got to be able to fit them all in."

The status of Cloke's contract talks have become increasingly public this season, with the key forward weighing a $1 million a year offer from Fremantle against a smaller offer from the Magpies.

Franklin would be sure to attract at least as much interest as Cloke should he decide not to re-sign early and test the free agency market.

Also at the pre-match function, Fox said the Hawks were on track for a profit of between $1.25 million and $1.45 million this season, propelled by record membership of more than 60,000.

The club has budgeted for a profit of $950,000.

Fox also said the club's next five-year strategic plan had been presented to the board and was under consideration.

It was expected to be released at the end of this year.