Sportal.co.nz 22.May.2013Getty Images
The 32-year-old was officially ruled out of next month's three-Test series on Sunday with a medial ligament injury suffered in the Brumbies' brutal local derby loss to the Waratahs on Sunday.
But the durable 110-Test veteran is back in the selection frame after it was confirmed he only suffered a grade-two tear, meaning he could be back on the field in four weeks.
Australia coach Robbie Deans will add a further six players to his 25-man squad on June 11.
The series opener will take place in Brisbane on June 22, leaving the door open for Australia's greatest openside flanker to face the Lions for the second time in his brilliant career.
Smith, who is contracted to Japanese club Suntory, is on loan to the Brumbies until the end of their Investec Super Rugby campaign in July-August.
He finalised an agreement to play for Australia against the Lions last Friday.
Smith says returning for the Brumbies remains his priority but his likely availability is a massive boost for Deans and the series host.
"My priority from here is to rest, rehab and ensure my body is 100 percent leading into the tail end of the Brumbies season," Smith said.
"I'm confident of playing a further part in the Brumbies 2013 campaign."