And that is well wide of the mark for the cash-strapped Tractor Boys.
The 31-year-old will be released by Newcastle in the summer, and although Alan Pardew has a threadbare squad and is struggling to bring in reinforcements within his budget, Mike Ashley wants Smith off the wage bill.
Out of favour Smith has featured only appeared twice for Newcastle this season, on both occasions as a late substitute and most recently in the 4-2 defeat at Norwich last month.
Ipswich boss Paul Jewell is under pressure and was left seething by some of his side's lack of effort against relegation-threatened Nottingham Forest yesterday.
Paul Jewell: "It was hugely disappointing and some of our defending was calamitous.
"We were always susceptible. Every time the ball went in our box there was blind panic.
"Some of the things our defenders had to do should have been meat and drink, but for some reason that wasn't the case.
"I'm struggling to explain some of the individual errors from experienced players.
"We created more chances than we did in other recent home games, but we can't keep conceding goals like that.
"Some of the defending was embarrassing and we've got to do better.
"We can't seem to get any momentum at home."