Chris Coleman is unlikely to be interested in the assistant manager's job at Newcastle United.
"I don't think for one moment it will happen," he said. "I have a feeling everyone is putting two and two together and making four.
"Chris is a football manager in his own right and I couldn't see him wanting to be a number two to anyone. He did well at Fulham, did well at Sociedad and I don't see the chemistry between him and Kevin.
"He just will have to wait for someone to get off the merry-go-round but I can't think for one moment it will be at Newcastle."
Despite his relative success in Spain - Sociedad have lost just once in 11 matches and last weekend moved up to fifth in the second division with their derby win over Alaves - Smith said Coleman was looking for a job in England.
"In his heart of hearts he has done that period out there," the former Crystal Palace manager told BBC London. "He is a bit of home bird and I would like to think he could come back here and get a job in his own right.
"What I'm waiting to happen is for him to be appointed to manage his own club. I don't think his idea of a football club is to be running about picking up balls and bibs for someone else.
"There are certain people that are managers and certain people who are number twos. There is no doubt in my mind Chris is a number one."