Filippo Inzaghi wants to keep on-loan Chelsea midfielder Marco van Ginkel at AC Milan for another season.
Liverpool defender Kolo Toure is close to agreeing an extension to his contract which expires next month.
The north west clubs have agreed a fee in the region of £300,000 for the 16-year-old midfielder, who is the latest sought-after name to emerge from Alex's famed youth production line.
Former Anfield stars Rob Jones and Danny Murphy started their careers with the Railwaymen before making the move to Merseyside.
Smith, a member of the Crewe Academy since the age of 11, was set to join Manchester City last month but the deal fell through.