Smith resigned from the most powerful job in Scottish football yesterday citing personal reasons. Both his elderly parents are ill and he has opted to devote more time to their care.
Ogilvie, an SFA vice-president, is one of several candidates to be considered as a potential successor by the SFA board, although he is unlikely to formally apply for the post. President George Peat will assume executive responsibilities until Smith's replacement is found.
Ogilvie has earned himself a reputation as one of the game's most respected administrators during 27 years as general secretary at Rangers and as managing director of Hearts since 2005.
Along with the Anderlecht chairman Roger Vanden Stock, he instigated the European Cup's overhaul from knockout to group format after UEFA accepted his personal recommendations in 1990, and is hugely respected within the corridors of Hampden Park. However, the increasing public gaze that goes with the job of SFA chief executive may not suit Ogilvie, known as a private family man. Smith incurred some scathing criticism of late for his attempts to punish Livingston striker Robbie Winters for diving and over the SFA's disciplinary appeals procedure.
In the briefest of statements issued last night, the SFA said: "Gordon Smith has resigned from his post as chief executive. A further statement will be issued tomorrow."
The association looked outwith Hampden when they appointed Smith three years ago but may decide to promote from within this time. However, Hearts are certain to try and resist any attempt to prise Ogilvie from Tynecastle.