Smith, who joined the Magpies on a two-year deal in the summer, has been sidelined since being carried off on a stretcher 40 minutes into his debut in the Capital One Cup defeat to Bradford in the first game of the season.
The 24-year-old centre-back has resumed full training and played in a behind-closed-doors friendly at Derby's Moor Farm training ground on Tuesday afternoon, which the Magpies lost 2-0.
Smith came through the game unscathed and manager Keith Curle hopes to have him back in first-team contention in time for the busy Christmas programme.
