Smith is out of contract this summer and after scoring 25 goals to help the Millers to League One promotion and the Papa John’s Trophy he is sure to attract offers from elsewhere.
Rotherham hope that the four and a half years of time he has spent at the club and the generous terms - by their standards at least - might tempt the 30-year-old to commit his future to the club.
Chairman Tony Stewart, who met with Smith, says the club has never offered a deal like this before.
“I’ve put a good deal in front of him,” Smith said. “It’s a deal that I’ve never offered before. It’s a ‘wallet’ deal.
“I’ve worked with (manager) Paul Warne to put a deal together and fingers crossed we get it done. Hopefully we’ve turned his head.
“He’s been good for Rotherham United and Rotherham United have been good for him,” Stewart said. “Being here has brought him on as a player. We’ve given him something that will hopefully make him strongly consider staying.”
The other out-of-contract players have learned their fate, with the Millers set to announce their retained list this week.
Chiedozie Ogbene, Viktor Johansson, Joe Mattock, Freddie Ladapo, Mickel Miller, Jamie Lindsay, Angus MacDonald and Michael Ihiekwe all see their current deals expire.
Most of those contracts have a year’s option on which the club might trigger if the players involved do not agree to longer term deals.
Miller has already announced his exit on social media.