Holmstrom is out after reinjuring his knee in Saturday night's 4-1 win against Ottawa.
His knee has caused him problems throughout the season and left him out of the lineup for extended periods of time before returning to the lineup on Feb. 2. But Holmstrom made it through just five games -- scoring three points -- before deciding the knee was too unstable for the rigors of the two-week Olympic tournament.
Holmstrom will be replaced by Franzen, who missed much of the season before returning recently from knee surgery, far ahead of schedule. Franzen has played in Detroit's past three games, scoring goals in two of them.
Franzen spoke to the Detroit Free Press about the possibility of being named as a replacement on Friday.
"It would be great for me to play in the Olympics and play against the best players," Franzen said. "Get the tempo up even more than it is here. It would be really good for me."
Detroit general manager Ken Holland, who will also serve as an assistant to Team Canada GM Steve Yzerman at the Olympics, agrees that it is a good idea for Franzen to play in the Olympics.
"For him to go to the Olympics as a replacement player, I think it would be good for him and good for us," Holland said.