Will the Facebook Event Live Up to the Hype?

Countdown to Facebook's Big Announcement

Facebook is expected to make an announcement Thursday about some new integration on the Android operating system for an HTC phone, but all the speculation about the long rumored 'Facebook phone' is starting to get a little over-hyped, said Eric Jackson, Ironfire capital founder and managing member.

(Read More: Facebook Phone Announcement: What to Expect )

"It's the right thing to do, Facebook has got to get into the phone business despite their protest that they are not interested in doing that and this is the first step in getting there," Jackson said Thursday on Squawk on the Street. "But just like we saw in Facebook and search, we can't get over excited about this."

(Read More: All Eyes on Facebook Mobile Event as Company Evolves )

Much of the speculation regarding Facebook's event, which is being hosted at its headquarters in Menlo Park, Calif., is focused on a mobile phone developed by HTC that runs on an altered version of the Android operating system that integrates functionalities from the Facebook platform.

While the social giant still has a long way to go before it makes complete inroads into the mobile industry, its on the right track with its push onto the Android platform, Jackson said.

"Android is sort of the most popular OS now for users to get to Facebook," Jackson said. "So I agree 100 percent, this is where they need to go and I think there is hope. I think they can do some innovative things...Facebook could do something really interesting if they put their muscle into it."