Franklin is still managing the knee injury he suffered a fortnight ago against Geelong, which didn't prevent him from booting four goals in the Hawks' semi-final win over the Sydney Swans last week.
The three-time All Australian has also had to deal with a stomach bug, which saw him treated with anti-nausea medication and kept away from his teammates earlier this week.
With his knee strapped, Franklin participated in full-ground drills and moved freely.
"We expect him to play tomorrow," Hawthorn coach Alastair Clarkson said.
"It was only a slight stomach bug.
"He was visibly crook for 24 hours and gave the toilet bowl a bit of a spray a couple of times, but he's good as gold now."
Clarkson said matching the Magpies' intensity around the football would be the key to pulling off an upset victory.
"We can talk about all sorts of strategies and tactics, and who played last time and who didn't, but if we're not tough and hard at the footy and at least match Collingwood in that area, we're going to be bridesmaids tomorrow night," the 2008 premiership coach said.
The Hawks have conceded runs of goals in both of their finals so far this campaign.
Clarkson said it was inevitable that Collingwood would seize momentum at some stage during the preliminary final - the key would be whether his team could make better use of its time in control.
"That's what happens when you come to this pointy end of the season; it's hard to hold these really good sides for four full quarters," he said.
"If we do salute at the end, there's going to be a patch of the game where Collingwood are going to have some momentum and be on top, and we've just got to try and minimise the damage when that happens.
"It's swings and roundabouts, but you've just got to make sure that your momentum is greater than theirs for longer."
Clarkson said that in overcoming injuries to key contributors throughout the season, his players had built confidence against any opponent.
Mark Macgugan writes for hawthornfc.com.au and covers Hawks news for afl.com.au. Follow him on Twitter: @mmacgugan
Watch Buddy train in Adam Simpson's Team Selection video 