Smith signed a two-year, $5 million contract with the Knicks in February after a playing stint in China during the NBA lockout. His contract was guaranteed for this season but contains a player option for next year.
Sources said earlier this year that Smith is "expected" to opt out because the $2.5 million salary will be below his market value.
Despite hinting on Twitter that he might be on his way out of New York, Smith told reporters after Game 5 that he hoped to help the Knicks get a better seed in the playoffs next season.
"Hopefully I'm here. I love New York. I love the coaches," Smith said. "The whole franchise has been great to me. I love the players. We have a good core of guys. Hopefully next year we get everybody back healthy and we'll be able to get a better spot in the playoffs."
Smith struggled mightily in the final three games of the Heat series. He went a combined 11-for-48 in Games 3, 4 and 5, including back-to-back 3-for-15 outings.
"I think I did a poor job with my shot selection," he said.