According to Smith’s former club MK Dons, the former England striker will undergo a medical today in a deal which will see him join the club as player-coach.
Notts County as boss Shaun Derry has moved quickly to snap up the 33-year-old, who was released by Karl Robinson at the end of the season as part of his decision to overhaul his squad.
Smith played 29 games for MK Dons in the centre of midfield last season as they threatened a play-off push in League One.
Having started his career at Leeds United, he earned a £7m move to Manchester United where he helped them to the Premier League title in the 2006-07 campaign.
He also earned a League Cup winners’ medal during his stay at Old Trafford before Newcastle United swooped for him in a £6m move in 2007.
There he helped Newcastle to win the Championship title before leaving the club in 2012 to join MK Dons.