Smith has been out since Dec. 9 due to a small tear in his plantar fascia. The 29-year-old has averaged 10.3 points and 3.3 assists while shooting 32.4 percent from three-point range in 21 games.
Last week, Smith called the Knicks season thus far a "nightmare" that he needs to wake up from.
New York is 5-28 this season and is currently in the midst of an eight-game losing streak. The Knicks have also lost 18 of their last 19 games.
The Knicks play the Los Angeles Clippers on the road on Wednesday.
- Molly Geary