Smith stepped down from the All Blacks following the World Cup but is contracted as an assistant coach with the Chiefs for the next two years. However, the former Northampton coach has said he was keen to coach in England again.
Smith is in England helping Nick Mallett coach a Southern Hemisphere XV in a Help for Heroes Challenge at Twickenham on Saturday, and said he would be keen to team up with the former Springbok and Italy coach in England.
He told the Guardian newspaper: "I've got a two-year contract but there's an out-clause for both of us. I didn't want to walk out of the All Blacks with the game plan under my arm and go to a competing nation immediately. Given a bit of time to get that out of my system, I'd be really interested in coming back to the UK. Coming back is always something I've wanted to do. You want to coach the best. I'd struggle to coach a team that's losing because that's the way I am.''
England have been losing too often recently which led to the resignation of coach and former captain Martin Johnson.
Johnson was criticised for not cracking down on the poorly behaved players in his team during the recent World Cup in New Zealand. England were beaten by France in the quarter-finals.
Mallett, who was born in England, was even more positive about the potential of teaming up with Smith.
"Wayne and I both believe in our abilities as coaches and believe we can get the best out of the teams we coach,'' Mallett said. "Without saying anything detrimental [about the previous regime], there's a lot of progress that can be made.''
Mallett told the Guardian the England set-up needed an overhaul.
"What needs to be sorted out quite rapidly is who answers to whom in terms of the way the RFU is structured,'' he said. "Then they have to decide if they appoint someone now for four years or have someone for the interim period. I'm not sure who on the RFU can make that decision at the moment. There is a performance director in Rob Andrew but after the World Cup, presumably, his position is also going to be assessed.
"Those things have to be sorted out prior to anyone taking on the head coach position. You don't make yourself available for a structure that wouldn't work the way you'd like to see it. You can't have a director of rugby appointing a head coach and then an assistant coach and so on. The head coach has to work with these people _ it doesn't work like that. I think layers of management confuse things.''
