The Hawks are sixth in the Eastern Conference. Their postseason outlook took a hit when guard Lou Williams sustained a season-ending knee injury last month.
The 27-year-old Smith is known for his powerful left-handed dunks and defensive big plays with steals and blocked shots. He leads the Hawks with his average of 17.1 points per game, and he is second to center Al Horford with 8.6 rebounds per game.
Smith set career highs with his averages of 18.8 points and 9.6 rebounds last season.
If he is not traded, Smith could be difficult to re-sign. Though he has never been an All-Star, he could ask for a maximum contract. The Hawks could offer five years and about $94 million, while other teams could offer up to about $70 million for four years.
Smith's Atlanta-based agent, Wallace Prather, said the Hawks and Smith agreed there would be no contract talks until after the season.
"Management offered Josh an extension at the beginning of the year," Prather said. "That's the last that we spoke about Josh's future in Atlanta."
Prather wouldn't speculate if Smith, who is making $13.2 million this season, can command a maximum contract.
"The market dictates that," Prather said. "I don't like to speak one way or the other. You can't put the cart before the horse. You go out and play well and then when that contract comes up, you go out and find the best deal for you. ... Obviously, he's playing at a high level."
The Hawks have awarded only one max contract — a six-year, $123 million deal with Johnson in 2010. Ferry was still new to his job in Atlanta when he dealt Johnson to the Nets.
Smith's career has been filled with impressively balanced stat lines. He had 26 points, 13 rebounds and six assists Monday night in a 105-101 win at Dallas.