Bournemouth and Brentford meet on Monday for the first-leg of their promotion semi-final.
"I think there will be definitely teams sniffing around him," Woodgate said.
"Last year, no one (in the top flight) really took a chance on him when he was at Peterborough. I thought, when I watched him, he was always a really, really good centre-forward.
"I am sure Premier League teams will take him now, even if they don't go up."
Woodgate is under no illusions as to how hard his defence will be worked by the busy Toney.
He added: "He's aggressive. Really good in the air. He can come short, can go long, an excellent goal-scorer.
"Our centre-backs need to be on it, the three that we've got in the building – Meps, Cooky and Carter-Vickers – have got their hands full.
"There's no getting away from that but I am sure they will stand up to him."