Essendon expects James Hird to coach the Bombers on Friday night after he was discharged from hospital on Tuesday following a bike fall.

The club said the 42-year-old was "in good spirits" and would rest at home on Tuesday after passing a thorough medical assessment.

The Bombers are confident Hird will take charge against North Melbourne at Etihad Stadium this week, but he will be monitored again on Wednesday.

Hird was hospitalised with severe concussion after falling from his bike in wet and slippery conditions on Monday night.

Cycling home from the club’s Tullamarine base to his Toorak home, the Bombers coach fell near the corner of Toorak Road and Chapel Street in South Yarra.

An Ambulance Victoria spokesman confirmed to AFL.com.au a call was received at about 5.15pm.

The 42-year-old was treated at the scene by paramedics and taken to the Alfred Hospital in a stable condition.

It was hoped Hird would be released from hospital as early as Tuesday morning.

Hird's wife Tania told reporters on Tuesday morning it remained unclear whether her husband would coach his side against North Melbourne on Friday night.

"They've kept him in for observation and some testing this morning," she said.

"I don't really know too much to be honest, but there's no fractures which is fantastic and by the time we left last night, he was able to talk. He was dopey, very dopey, and obviously very sore, but he was able to talk and I think it'll all be fine."