Highlanders captain Ben Smith is back after three weeks out with an ankle injury.

It turns out good news can also come in threes.

Headlined by the return of Highlanders fullback Ben Smith, who will play his record equalling 127th game for the franchise when they play the Waratahs in Dunedin on Saturday night, coach Tony Brown finds himself in an unfamiliar position.

In addition to Smith returning from an ankle injury, which kept him out for three weeks, loose forward Luke Whitelock has recovered from a calf injury and suspended winger Waisake Naholo is back to take his place on the right-wing.

DIANNE MANSON/GETTY Highlanders fullback Ben Smith hasn't played since hurting his ankle against the Stormers last month.

Dogged by an injury toll in double-figures for much of the season, the Highlanders are healthier than they've been all season.

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"We've pretty much got a full squad to select from," Brown said. "It definitely makes the selecting role a bit tougher, but it's pleasing for the coaching team to be able to have those conversations and work out which players are going to be best to take on the Waratahs."

BRENDON THORNE/GETTY IMAGES Highlanders wing Waisake Naholo is back from a one-week suspension.

Brown called Smith's return at the back a luxury, particularly as they prepare to play an Australian team full of weapons and showing signs of form.

Co-captain Smith will equal former Highlanders captain Anton Oliver as the most capped player in franchise history in the match, meaning Matt Faddes gets a week off.

"It's obviously great for Bender to equal that record," Brown said. "Let's hope he can get through this game and beat his record next weekend against the Crusaders and then go into the Lions series ready to rip into it."

Brown has also given wing Patrick Osborne a week off in order to give Tevita Li another run, but hinted Osborne was in line to return for their crunch match against the Crusaders in Christchurch next weekend.

In addition to having a chance to extend their franchise record winning streak to nine matches, the Highlanders can make it 19-0 for Kiwi teams against Australian sides on the year.

The Highlanders have already beaten the Brumbies, Force and Rebels this season, but Brown is expecting a fierce challenge from the Waratahs, who he believes are the most dangerous Australian team.

"If [Bernard] Foley, [Michael] Hooper and [Israel] Folau get going, they're a very dangerous team. First of all we've got to stop those guys and then nail everything that we need to nail to get the result," Brown said.

As he hinted last week, Brown has opted to retain Marty Banks at first-five eighth, meaning Lima Sopoaga will again come off the bench.

Sopoaga, who hurt his hamstring in round three, played 25 minutes off the bench in his return from injury last weekend.

Halfback Aaron Smith returns to the starting side, after Brown gave Kayne Hammington his first Super Rugby start against a week ago, when the Highlanders trounced the Force in Perth.

The streaking Highlanders are fourth in the New Zealand conference with two games to play before the international window.

They trail the second and third placed Hurricanes and Chiefs (both 43 points) by a couple of points, but have played an extra game.

"A couple of weeks ago, the leaders came out and said that they wanted to break records and they wanted to own that," Brown said.

"We've just continued that. Every week we can beat our own records, so the boys are really keen to keep the run going and keep that momentum going. Our mindset is good and we've just got to back that up with a quality performance."

Highlanders: Ben Smith (co-captain), Waisake Naholo, Malakai Fekitoa, Richard Buckman, Tevita Li, Marty Banks, Aaron Smith, Luke Whitelock, Dillon Hunt, Elliot Dixon, Tom Franklin, Alex Ainley, Siate Tokolahi, Liam Coltman, Aki Seiuli. Reserves: Ash Dixon (co-captain), Daniel Lienert-Brown, Siosuia Halanukonuka, Joe Wheeler, Gareth Evans, Kayne Hammington, Lima Sopoaga, Rob Thompson.