The Rays made the move Sunday, sending infielder Jonathan Aranda to Triple-A Durham in a corresponding move.
Tampa Bay manager Kevin Cash has said that Franco likely played a month with quadriceps issues before his IL stint.
Franco entered Sunday's game hitting .270 with four home runs, 19 RBIs and a .727 OPS this season. He hit .375 in 18 plate appearances over five rehabilitation games in the minor leagues.
The Rays (39-32) went 11-12 without Franco in their lineup and are in fourth place in the American League East, 12½ games behind the first-place New York Yankees.
They lost five of their six games against the Yankees with Franco sidelined.
The Associated Press contributed to this report.