Channel Seven commentator Brian Taylor says just two current day players could be inducted into the AFL's Hall of Fame as a legend.

During the 2017 Awards dinner, Malcolm Blight became just the 27th member of the Hall of Fame to be elevated to legend status after an amazing playing and coaching career that spanned 33 years.

It was a topic of discussion among the panel members of Talking Footy on Monday night, as Hawthorn champion Luke Hodge announced his retirement ahead of his 300th game this weekend.

The four-time premiership player and two-time North Smith Medallist would certainly have his name mentioned in Hall of Fame talk in the years to come, although Taylor stopped short of suggesting he could become a legend one day.

"He (Hodge) was good, but to be a legend, you've got to be unreal," Taylor said on Channel Seven's Talking Footy on Monday night.

"Right now, if I had to pick, the only player playing right now that I think could go into legend (status), it's Gary Ablett."

Co-host Sam McClure asked Taylor if Lance Franklin was a chance, and Taylor said he was the only other who could rival Ablett.

"If Buddy kicks 1000 goals, he would have a very, very strong cause I would think," Taylor added.

"That's how hard it is to get in, it's a very, very difficult situation."