The news comes just hours after separate reports surfaced that Smith's teammate, Cavaliers' forward Kevin Love, would pursue the same action, opting out of $16.7 million that would have been owed to him in 2015-16.
Smith and Love both reserve the right to re-sign with Cleveland. The RealGM report indicated that there was mutual interest between Smith and Cleveland in Smith rejoining the team.
The 29 year old was owed $6.5 million during the 2015-16 season on his current contract. He averaged 12.7 points and 3.5 rebounds per game over 46 games last season for the Cavaliers.
The Cavaliers won the Eastern Conference last season but lost to the Golden State Warriors in the NBA finals.