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."
Balve Bains is joined by RacingNews365.com Editorial Director Dieter Rencken and Asia Correspondent Michael Butterworth to dissect the key talking points from the last week in F1.