Both players scored in Saturday's win at Wolves.
Norgaard said: "Toney will be a massive loss, of course. But let's see what happens in the summer. This club is also known for selling players then replacing them with top quality.
"When Ollie Watkins left he was a top striker for us and we got Ivan Toney to replace him. It's pretty obvious Toney will most likely leave in the summer which he also deserves.
"But I know this club is really good in the recruitment department so they will find a replacement who is just as good."
The Dane added: "Let's enjoy him while we have him.
"There's a reason he's vice-captain because he gives so much to us on and off the pitch. He's the funniest guy off the pitch — he's always joking and loves the banter with everyone.
"But don't get fooled by that. When we're on the pitch, there's no bulls*** — there's something of an “old-school" mentality about him and he's a real joy to play with."