The 24-year-old has scored 14 goals in 25 league appearances for the Championship side this season.
"There have been offers from clubs for him but we said all along he has a value to us," Smith said.
"We want to keep him at the club if we can, unless the valuation is met by any clubs looking at him."
Hogan has scored 21 goals in 35 appearances since joining the Bees in the summer of 2014, having suffered a serious knee injury which kept him sidelined for 19 months soon after his arrival from Rochdale.
Premier League side West Ham are reported to have submitted several bids for Hogan in January.
Hogan missed Saturday's FA Cup win over non-league Eastleigh with a glute problem but Smith says he is fit to return for Saturday's game against promotion-chasing Newcastle.
"I'll see how he is on Friday morning as there has been a lot of speculation," Smith said. "He is a driven person and you can see that from his demeanour on the pitch.
"I fully expect him to want the opportunity to go and score a hat-trick against Newcastle and show people who may question his credentials for the Premier League that he can do it."
With Hogan contributing more than 40% of Brentford's 32 league goals this season, Smith says he would have to bolster his front line if the striker leaves the west London club.
"We have been looking, just in case anything did happen," Smith said. "We have a number of different options but the January window is a funny time and it becomes very difficult.
"There are options we will pursue if anything happens."
Brentford striker Scott Hogan will remain at Griffin Park unless his transfer valuation is met, head coach Dean Smith has told BBC Radio London.