Smith is the odds-on favorite to win the job in training camp because it appears that Pool won't be back.
The Smith signing, first reported by The Star-Ledger of Newark, allowed the Jets to save some face after the stunning outcome to the Nnamdi Asomugha sweepstakes.
The Jets appeared to be the favorite for the star cornerback, but he was swiped away Friday afternoon by the Philadelphia Eagles, who gave him a five-year, $60 million contract.
Jets general manager Mike Tannenbaum also is exploring the trade market, according to sources. The team also is in the market for a No. 2 wide receiver to start opposite Santonio Holmes, whom they retained with a five-year, $50 million contract.
The Jets have an interest in re-signing Braylon Edwards, but that doesn't seem likely because of his asking price. They're showing interest in James Jones (Green Bay Packers) and, to a lesser degree, Randy Moss (Tennessee Titans).
Smith, entering his sixth season, also is a key contributor on special teams. He's never been a full-time starter, so it remains to be seen whether he can hold up for an entire season. He's had concussion issues in the past.
Rich Cimini covers the Jets for ESPNNewYork.com. Information from ESPN.com senior NFL writer John Clayton was used in this report.