After the Tartan Army failed to qualify for the World Cup, Gordon Strachan left his role by mutual consent, but the Scottish Football Association is still to appoint a replacement.
Northern Ireland boss Michael O'Neill rejected the chance to take the job, while former Wigan Athletic Gary Caldwell has revealed that he has applied for the role, claiming that it would suit a "younger" coach.
However, according to BBC Sport, Rangers legend Smith is being considered, despite being out of the dugout since 2011.
Smith has also previously managed the national team, with seven wins and five draws coming from 16 games played between December 2004 and January 2007.
The report claims that there are currently eight candidates for the position.