The AFL said via Twitter that it is still examining the controversial deal proposal.
Sydney want to sign Franklin with a nine-year deal reportedly worth $10 million.
It has outraged rival clubs, who are calling for the end of Sydney's cost of living allowance in their salary cap.
"Sydney have made an offer to restricted free agent Lance Franklin. The AFL is currently still examining this offer," AFL media manager Patrick Keane tweeted.
"The AFL will advise the respective clubs and the wider football public immediately when the examination of Franklin offer has been concluded."