The Bees have slapped a £15million price tag onto the frontman's head, a figure that has already put Championship rivals Reading off.
Newcastle are the latest club to be reportedly interested in Hogan, while Aston Villa, Norwich, West Brom and West Ham have all been linked with the striker.
The Villans signed Jonathan Kodjia for £11m in the summer while they also brought in Ross McCormack for a fee in the region of £12m and it is those fees that Brentford have used as a guide to their price tag.
Hogan, though, has been outperforming those two Championship players and is currently the third top goalscorer in the division with 13.
Time left in the transfer window
Smith believes the market has set a price and the striker's goals will put him into a bracket that is similar to those fees.
The head coach said: He'll be in a marketplace and the market tells you the value of it. The market has set its stall as to the price. I think his goals record puts him into a bracket.”
Hogan is not letting transfer speculation affect him and Smith believes he is purely focused on facing Norwich on Saturday.
The head coach added: “He takes each day as it comes as, against Cardiff, he felt he should have scored. He's looking forward to taking on Norwich and getting chances and scoring them.”
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