It came after the AFL finally approved the Swans' deal on Tuesday morning following days of investigation.
Franklin's monster deal will tie him to Sydney until the end of the 2022 season and the two-time premiership superstar will be 35 years old by the time it ends.
Swans coach John Longmire said: "Lance is a champion player and we are really excited that he wants to continue his outstanding career at the Swans.
"We understand that nine-year contracts are rare in AFL football, but so too are players the quality of Lance Franklin.
"As a Club we will always seek to improve our list and we are confident Lance will be a great fit."
Franklin's ability to still be playing at the age has been heavily queried in the past week and the AFL has crucially decreed that Sydney must include payments to Franklin in their salary cap for the next nine years regardless of how long the 2008 Coleman Medallist actually plays for.
As part of the approval of the highly-publicised deal, the AFL sought written guarantees from all members of Sydney's board as well as their senior management.
Sydney will also have to meet with the league on annual basis to report how they are balancing their total player payments as a result of Franklin's contract.
Furthermore, the Swans were informed that Franklin's contract may have to eventually be managed in an environment that sees the club's current cost-of-living allowance either severely altered or removed altogether due to the fact that it is currently under review by the league.