The Briton was race engineer to Felipe Massa at Ferrari before departing for Williams in 2014 as Head of Vehicle Performance - overseeing their strong seasons at the start of the turbo hybrid era.
He left the team at the end of 2018, and has since launched a low-cost electric go-karting series as well as becoming a technical analyst for F1.
However, Smedley says he has had numerous offers for a return - but will wait for the correct challenge.
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Smedley open to comeback
"I haven't been a race engineer for a long time, and when I was at Williams, I ran all of the race team," Smedley explained on the F1 Nation podcast.
"That was a different experience, and I've been public about it a lot of times, if the right project come up, I would be interested [in a return to full-time F1].
"Of course I would, but it has got to be the right project. I'm lucky enough that I still get offers to go back to Formula 1, but I don't want to go back and make up the numbers.
"I want to go to a [team] that has a strong possibility and is committed to winning.
"You always miss that buzz on a Sunday afternoon when you're racing and putting all the work the 1000s of men and women in your team have done and you're pitting that against another competitor, it is a drug you can never not miss having experienced it for 20-odd years.
"But, do I want to go and make up the numbers? No."
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