Wagner, who successfully maintained the Terriers' Premier League status for next season with a 16th-place finish in the table, has been linked with a fresh deal in West Yorkshire, as well as a £2.5m survival bonus.
Hoyle, speaking to The Mirror, has praised Wagner and added that the pair are keen to sit down and agree new terms.
"We just haven't got round to sorting it," the chairman said. "Seriously. We just trust each other and it will be done.
"David is a fantastic head coach and one I'm very proud of. But he also knows that he loves this club.
"He loves the fans and feels the unity, and because we are so far behind the curve in infrastructure he also knows that there's big projects to achieve here. He can be the one who brings it all together."
Wagner is expected to receive a significant pay rise on his current £50,000-per-week deal at Huddersfield, which expires next summer.