Smith has been without a number two since David Kelly rejoined Nottingham Forest as assistant to Billy Davies in February.
Saddlers academy boss Neil Woods has taken up the position on a temporary basis, but Smith has said that he is in no rush to appoint someone permanently.
"With a short time until the end of the season, we may let it go and appoint now in the summer," he told BBC WM.
"Neil's been doubling up, with the youth team and the reserves, in fact he's been tripling up, with the first team too, and I'm pleased to have him with me.
"I've had four or five interviews, but it's got to be the right fit. With how things are going here, I don't want anything to be unsettling."
Walsall are currently eighth in League One, three points adrift of the playoff places.