The fly-half, who can play anywhere along the back line, is currently without an employer after losing his contract with the Australian Rugby Union for off-field issues and has been strongly linked with a switch to the Aviva Premiership outfit.
Smith believes that O'Connor, who announced earlier this month that he needed time away from Australia to get his career back on track, will be a real coup for his side.
"He's a world-class player, he's a terrific kid and I'm sure that will all be unveiled at the front end of this week," Smith told the media.
"Any team in England or in France would be lucky to have him. I would imagine in the next 24 or 48 hours he will play his cards and all will be revealed."
O'Connor, 23, left the Rebels at the end of last season.