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 | 20 | 13 | 4 | 3 | 37 | 19 | 18 | 43 |
| 2 | Port Vale | 21 | 10 | 7 | 4 | 26 | 19 | 7 | 37 |
| 3 | Doncaster RoversDoncaster | 21 | 10 | 6 | 5 | 31 | 24 | 7 | 36 |
| 4 | Crewe AlexandraCrewe | 20 | 9 | 8 | 3 | 24 | 16 | 8 | 35 |
| 5 | Chesterfield | 21 | 9 | 7 | 5 | 36 | 23 | 13 | 34 |
| 6 | AFC Wimbledon | 20 | 10 | 3 | 7 | 31 | 17 | 14 | 33 |
| 7 | Notts County | 20 | 8 | 7 | 5 | 28 | 21 | 7 | 31 |
| 8 | Grimsby Town | 21 | 10 | 1 | 10 | 28 | 33 | -5 | 31 |
| 9 | MK Dons | 19 | 9 | 3 | 7 | 33 | 26 | 7 | 30 |
| 10 | Gillingham | 20 | 9 | 3 | 8 | 22 | 18 | 4 | 30 |
| 11 | Salford City | 20 | 8 | 6 | 6 | 22 | 19 | 3 | 30 |
| 12 | Bradford CityBradford | 20 | 7 | 7 | 6 | 24 | 22 | 2 | 28 |
| 13 | Bromley | 20 | 6 | 9 | 5 | 25 | 23 | 2 | 27 |
| 14 | Cheltenham TownCheltenham | 21 | 7 | 6 | 8 | 29 | 30 | -1 | 27 |
| 15 | BarrowBarrow | 20 | 7 | 5 | 8 | 20 | 18 | 2 | 26 |
| 16 | Newport CountyNewport | 20 | 7 | 5 | 8 | 27 | 31 | -4 | 26 |
| 17 | Colchester UnitedColchester | 20 | 4 | 11 | 5 | 23 | 22 | 1 | 23 |
| 18 | Fleetwood TownFleetwood | 19 | 5 | 8 | 6 | 24 | 25 | -1 | 23 |
| 19 | Tranmere RoversTranmere | 20 | 5 | 6 | 9 | 15 | 29 | -14 | 21 |
| 20 | Harrogate TownHarrogate | 21 | 6 | 3 | 12 | 17 | 32 | -15 | 21 |
| 21 | Swindon TownSwindon | 21 | 4 | 7 | 10 | 26 | 35 | -9 | 19 |
| 22 | Accrington StanleyAccrington | 20 | 4 | 7 | 9 | 26 | 36 | -10 | 19 |
| 23 | Carlisle UnitedCarlisle | 20 | 3 | 6 | 11 | 15 | 32 | -17 | 15 |
| 24 | Morecambe | 21 | 3 | 5 | 13 | 19 | 38 | -19 | 14 |
| > League Two Full Table | |||||||||
