The Terriers wanted to bring Smith-Rowe back on loan after he spent six months there last term.
He scored two in 19 games in that time.
Speaking to the Examiner Live, the club's chairman Phil Hodgkinson said: "We did enquire about some without a shadow of a doubt.
"We'd already made it clear to Arsenal before the end of the season that if Emile Smith Rowe was available we wanted him but they wanted him in their first-team squad.
"It's a very very different market at the moment.
"That may change in January and we'll continue to look at that, and as always if it's the right player and the right deal then we'll absolutely consider it."