The winger impressed with his display in Wednesday night's win at Cogenhoe and the Cobblers are in pole position to capture his signature.
Hoganson was released by Newcastle United at the end of last season.
Aidy Boothroyd: "Michael has got an offer, he’ll either sign it or he won’t but I won’t be changing it.
"As much as I like him and as much as I rate him the last thing I’m going to do is be held to ransom by him.
"He’s not like that, but the people around him might be.
"If he doesn’t sign it there are a lot of footballers who will want to be part of this squad."