The All Australian has missed the club’s past two games with a quad injury he sustained in the Carlton Draught Derby in round 7.
But Fremantle’s bye has given McPharlin a better hope of proving his fitness.
Lyon said his brilliant backman still had some hurdles to jump ahead of selection.
“Hopefully he’ll train Friday and we’ve got to pick the team yet,” he said.
“There’s a little bit to work through there, but he’s a very good player for us, a great leader and we’re very optimistic.”
Lyon said there would be no consideration to resting McPharlin if he was fit to play because of the Bulldogs’ smaller forward set-up.
“No, we always pick our best available team,” he said.
“I haven’t been in a position to rest and rotate too often, so we’re planning to get Luke up. That’s the aim anyway.”
The senior coach said Colin Sylvia was among a host of players currently training and playing well that were a chance to be selected, but he added finding room in the 22 would be tough.
“We've played some very good football, no one's walked into our office yet and said 'here's my spot, I'll give it to Col',” Lyon said.
“Someone might have. Who knows? Someone might walk in the next couple of days. But to this point no one has done that.”
