Essendon has settled on the No.1 pick for Friday's NAB AFL Draft, but will keep its selection tightly guarded "out of respect for the game".

The Bombers have weighed up the merits of explosive runner Andy McGrath and goalkicking midfielder Hugh McCluggage, but could also bid for Greater Western Sydney academy star Will Setterfield.

Essendon list manager Adrian Dodoro said club officials had decided on the No.1 pick on Tuesday but would not be giving any public or private indication of their final choice. 

Still, he warned News Corporation it wouldn't be final until "the player walks in 100 per cent healthy and fit on the night".

"Out of respect for the game it'll be kept in-house. We won't be declaring who we're taking," Dodoro said.

"Only the list management team at the football club know the direction we're heading, and it won't be escaping that.

"The decision is really tight, it really is."

McGrath has been tipped by AFL.com.au's draft expert Callum Twomey to go at No.1, with his game-changing attributes giving him the edge over the other contenders.

Dodoro described him as "an elite athlete with elite movement".

"He has the constitution to walk in and play AFL football next year, he can play midfield, he's got a defensive mindset and he's just a brilliant prototype for the modern game," the Bombers' list manager said.

"He speeds the game up, he's got elite speed and he suits the modern game."

McCluggage, meanwhile, has "a classic head for footy", earning him comparisons with Collingwood star Scott Pendlebury.

"He sees the game unfold defence to forward, he falls into the right holes, he's an elite finisher, he's got high endurance and he's just a really cool customer," Dodoro said. 

"He'll play at the tempo and flow along with the game and his running patterns are as good as any junior player I've seen."

The Giants face a nervous wait on the Bombers' first move, with a bid for Setterfield at No.1 forcing them to match and take the academy gun with their first selection (No.2) or to forgo his services.

Dodoro said Setterfield's status as an Academy player had no influence over their decision.

"He's a different type," Dodoro said.

"He's a taller mid, he can play forward, he plays inside and he's got a huge engine.

"I think the scope for him is enormous."