Smith is seen as an important player for Kansas, although he is yet to put pen to paper on a deal despite holding conversations with the team for the past few months.
"I love Kansas City, I love the coaching staff, the players," said Smith, according to the NFL's official website.
"But when you're talking about this many years and that type of deal, you want it done right. You want both sides happy, and you want it to be something that is going to last and you can play out. A lot of things go into it."
The new NFL season gets underway on September 4.