The attacker has only one goal in 20 games for West Brom, who have signed Daryl Dike recently.
Smith spoke about incomings and outgoings, and mentioned that he was working with the club's sporting director Stuart Webber and assistant Neil Adams to secure signings.
"It is still quiet at the moment. We're monitoring a lot of different situations and I'm having a lot of discussions obviously with Stuart and Neil," Smith said.
"Potentially (things are) changing for Jordan. I had a chat with him to just get his feelings on where he was and how he was at the time. He's a little bit frustrated because he's not been playing at West Brom.
"He's been in and out of the team, getting some minutes, and in and out of the squad as well. When players go out on loan, they're going out to play football games and get the minutes they require. Obviously at the moment, he's not so I said it's something that we'll look at."
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