The 29-year old New Zealand international is currently plying his trade for Turkish club Genclerbirligi but reports suggest that United are hoping to bring him back to the club.
Smeltz left the Gold Coast after two games of the 2010/11 season but has managed just six appearances in the Turkish Super Lig and it is believed that Genclerbirligi are willing to release him.
But the catch is that the Ankara club won't get rid of the two-time A-League leading goalscorer cheaply.
United coach Miron Bleiberg told the Gold Coast Bulletin that at this early stage, Smeltz's return was only a pipedream.
"At this stage it's only a notion. Shane hasn't played for a while, so who knows," he said.
"Obviously we have great memories of him but there would be a lot of obstacles to overcome to get him back. For me, it's a non-issue right now."