The former Hartlepool winger has hardly played consistently this season due to a number of niggles, and recently has been struggling with a stress fracture.
He saw a specialist during the week and was informed that it is not heeling properly, manager Chris Turner will see how it goes in the next few weeks and take it from there.
Smith was out with the original injury for six weeks, returned to training but broke down a fortnight later and has been out ever since.
Paul McLaren will be back training this week and could give Turner some options towards the end of the season while Mark Robbins is two weeks away from returning to Middlewood to take up some light training.
Turner is also hopefully that Matt Hamshaw will play some part towards the end of the season, but Wednesday fans, who have missed his wing play desperately this season, will have to wait until August to see the best of the Rawmarsh product again.
In other news, Wednesday have agreed with West Brom to keep Adam Chambers on loan until the end of the season.
The midfielder has not pulled up many trees at Hillsborough so far but Turner believes that Chambers, who looks and plays like former Owl Aaron Lescott, can be an important addition.