Lifecycle extension (LE) strategies for industrial asset management (AM) – such as reuse, repair, refurbishment, remanufacturing, and recycling - can offer a broad range of economic, technical, social and environmental benefits as compared to other more traditional linear end-of-life management strategies such as decommissioning and replacement of assets. However, companies are struggling to adopt them given the lack of available structured, context-specific decision-support tools. This paper addresses this gap by proposing a conceptual framework to assess feasibility and guide the selection of asset LE strategies within AM. Grounded in a narrative literature review, the framework systematically integrates key end-of-life factors, company feasibility requirements, and multi-dimensional selection criteria to support informed decision-making in asset LE. Focusing on complex, capital-intensive assets, it enables manufacturers to evaluate end-of-life conditions, assess LE readiness, and select strategies aligned with technical, sustainability, and strategic objectives.