Hawthorn has opted to sit Smith for the remainder of the season due to a shoulder complaint which has kept him sidelined since round 12.
The 31-year-old admitted on RSN Radio that he’s still unsure about his future.
The Hawks are set to make big calls on several of their veterans at season’s end as they prepare to rebuild.
Lyon said it would make sense for the Dees to look at Smith if Hawthorn does decide to part ways with him.
“I wonder if Melbourne would be looking at him,” he said on SEN Breakfast.
“I don’t know, I’m thinking about good ball use, outside run and kicking long goals.”
Tim Watson praised the Hawks veteran on an incredible career thus far.
“I think he can still play,” he said.
“He’s still an AFL player for sure, his skill set and that capacity to run the wing-like he does and play that role, that’s a specific skill set.
“I think he’s one of the best at doing that in the AFL.”