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On the eve of the trade deadline the Western Bulldogs and Geelong remain deadlocked over a trade deal for Bailey Smith, who wants to join the Cats.

Just because an AFL trade has been months in the making doesn't mean it's a done deal.

Negotiations between the Western Bulldogs and Geelong over Bailey Smith will most likely go down to the wire on Wednesday night.

While the likelihood is they'll reach agreement, there's always the risk for Smith and the Cats of going to the draft .

Smith is one of the top players in this year's trade negotiations - and certainly the one boasting the biggest profile.

The 23-year-old has a massive social media following and is one of the AFL's most marketable players.

A 103-game midfielder with the Bulldogs, he missed all this season because of a knee reconstruction.

He is about to come out of contract and well before his knee injury there was talk that Smith was wanting a move from the Bulldogs.

That was confirmed days after the Bulldogs' season ended early last month with their elimination-final loss to Hawthorn.

Smith also has worked with Geelong-based fashion company Cotton On, which has strong ties to the Cats.

Geelong have tabled their No.17 draft pick in negotiations over Smith, but the Bulldogs want more. 

If no deal is reached, then the next option is for Smith to go into the November draft. It's not the preferred option for the player or Geelong, given the Cats would have to wait until pick No.17 and rely on other clubs not taking him.

But the draft option has a high-profile precedent.

St Kilda and Collingwood couldn't reach agreement in 2009 when Luke Ball wanted to join the Magpies. He went into the national draft, went to the Magpies and a year later was a premiership player.

High-profile player agent Paul Connors managed Ball. He also now has Smith on his books.