The 62-year-old (pictured) has insisted he will end his second spell at Rangers next May after being persuaded to complete one more year at the end of last season.
But the former Everton and Scotland manager will not be leaving the game.
"Everybody says I'm retiring but I'm actually leaving Rangers," Smith said.
"I still hope I'll be able to do one or two things. Maybe not as a manager but I hope to be involved with something."
Smith did not envisage being at Rangers at this stage when he left his international post to reassume control at Ibrox in January 2007.
He planned to hand over the reins to assistant Ally McCoist before now, which is why he maintains he will not follow his friend and former Manchester United colleague Sir Alex Ferguson and delay his exit.
Smith, who has won six trophies in three seasons, explained: "I saw it as a short-term job to help recover the period they (Rangers) were going through.
"The financial problems were kicking in and Sir David Murray asked me to come back.
"With that in mind I'd appointed younger staff in Ally McCoist and Kenny McDowall who would be prepared to take over in a short period.
"Things have worked out okay and the two of them more than anyone else have encouraged me to stay on longer.
"But I have to be fair to them. That's one of the aspects for leaving.
"The other is the last time I was here I maybe stayed a bit too long."