Writing in a new book The Deal: Inside the World of a Super-Agent, extracted in the London Evening Standard, Smith has revealed exactly what Wenger means when he quotes the "value" of a player.
He wrote: "Since Stan Kroenke (Arsenal's owner) took a majority shareholding in the club, they have created matrices for players, a bit like Moneyball.
"And if a player doesn't quite meet all the criteria, the matrix tells them not to offer more than a certain amount. That is what Arsene means when he talks about value."
Smith added: "Arsenal tend to use statistics to raise questions or confirm observations on possible targets and sometimes unearth players for scouting. There are occasions where it will cause them to re-examine a candidate who has been scouted, but senior figures at the club believe the data can remove doubts that they might otherwise have had or encourage them to sign a player from their rivals."