Brentford will hold talks with Florian Jozefzoon to decide whether or not to trigger the one-year option on the winger's contract.
The Dutchman joined the Bees in January from PSV Eindhoven on a six month deal with the club able to extend it by a further year.
And Smith, who has been impressed by the 26-year-old, will sit down with the player, as well as the directors of football and reach a decision over whether the winger stays or departs.
He said: “I like Florian. I think he's come in and done really well but that's a discussion we'll all have.”
Jozefzoon scored one goal, against Barnsley on Easter Monday, during his 19 appearances for the club, 13 of those coming off the substitutes bench.
Smith has also previously expressed an interest in bringing back Sullay Kaikai from Crystal Palace, this time on a permanent transfer.