Speaking to BBC WM, Smith said, "He's spoken to other teams as I would expect him to with his contract being up and him having representatives working for him. But I'm quite hopeful that Will sees his immediate future at this club."
Smith continued, "We want to keep developing Will and help him become the player we think he can and we're close to tying something up."
Will grabbed twenty first-team goals last season in a very successful campaign for the Northern Ireland international.