The 31-year-old, who spent four months on loan at the League One club last season, is out of contract this summer.
Smith impressed in 18 appearances during his time at Stadium MK and he has subsequently been offered a deal by Dons boss Karl Robinson, according to the Daily Mail.
Newcastle paid £6m for Smith in 2007.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Walsall | 36 | 20 | 8 | 8 | 65 | 41 | 24 | 68 |
| 2 | Bradford CityBradford | 36 | 19 | 9 | 8 | 48 | 30 | 18 | 66 |
| 3 | Doncaster RoversDoncaster | 36 | 18 | 8 | 10 | 53 | 43 | 10 | 62 |
| 4 | Notts County | 36 | 17 | 10 | 9 | 55 | 37 | 18 | 61 |
| 5 | AFC Wimbledon | 36 | 17 | 9 | 10 | 47 | 25 | 22 | 60 |
| 6 | Port Vale | 35 | 15 | 13 | 7 | 44 | 37 | 7 | 58 |
| 7 | Crewe AlexandraCrewe | 36 | 14 | 14 | 8 | 44 | 37 | 7 | 56 |
| 8 | Grimsby Town | 36 | 17 | 5 | 14 | 51 | 53 | -2 | 56 |
| 9 | Colchester UnitedColchester | 36 | 13 | 16 | 7 | 42 | 33 | 9 | 55 |
| 10 | Bromley | 36 | 13 | 12 | 11 | 46 | 43 | 3 | 51 |
| 11 | Salford City | 36 | 13 | 11 | 12 | 43 | 41 | 2 | 50 |
| 12 | Fleetwood TownFleetwood | 36 | 12 | 13 | 11 | 49 | 43 | 6 | 49 |
| 13 | Cheltenham TownCheltenham | 36 | 13 | 10 | 13 | 48 | 51 | -3 | 49 |
| 14 | Chesterfield | 35 | 13 | 9 | 13 | 56 | 43 | 13 | 48 |
| 15 | Swindon TownSwindon | 36 | 11 | 13 | 12 | 52 | 52 | 0 | 46 |
| 16 | BarrowBarrow | 35 | 12 | 7 | 16 | 38 | 41 | -3 | 43 |
| 17 | Newport CountyNewport | 36 | 12 | 7 | 17 | 45 | 61 | -16 | 43 |
| 18 | MK Dons | 35 | 12 | 6 | 17 | 46 | 50 | -4 | 42 |
| 19 | Gillingham | 35 | 11 | 8 | 16 | 30 | 38 | -8 | 41 |
| 20 | Harrogate TownHarrogate | 36 | 11 | 7 | 18 | 29 | 45 | -16 | 40 |
| 21 | Accrington StanleyAccrington | 36 | 10 | 9 | 17 | 44 | 54 | -10 | 39 |
| 22 | Tranmere RoversTranmere | 36 | 7 | 12 | 17 | 27 | 55 | -28 | 33 |
| 23 | Morecambe | 36 | 8 | 5 | 23 | 31 | 54 | -23 | 29 |
| 24 | Carlisle UnitedCarlisle | 35 | 6 | 9 | 20 | 25 | 51 | -26 | 27 |
| > League Two Full Table | |||||||||
