Speaking to the Express & Star, Smith said, "The talks we are having are very positive and the most important thing is that Will has made it clear he wants to stay. I am hopeful we will have everything sorted out sometime next week"
As well as scoring 16 Walsall goals the 21-year-old Solihull born striker has also made his first ever start for Northern Ireland this season.
The club have already secured the futures of Andy Taylor, Malvind Benning, Paul Downing, James Baxendale and Nicky Featherstone and are also keen to tie down club captain Andy Butler and former Manchester United striker Febian Brandy.