The funds avaulable will be increased should Jack Grealish make his much anticipated departure from Villa Park.
The Sunday Mirror claim Smith is targeting a winger, a proven striker, a midfielder and a centre-back.
And Brentford star Said Benrahma is said to be top of that list; he has also been linked with West Ham and Chelsea.
Smith has said he only wants to make a few new additions to his squad after £130million was spent on twelve players last summer.
He said: “We won’t be (in this position) next season and we knew if we stayed up that would be the case,” Smith said after the 1-1 draw with West Ham United last weekend that secured survival.
“Last year we got promoted and we had 12 players out of contract and had to rebuild the squad.
“Now we don’t have that.
“We have lots of players under contract and only a handful not.
“What we have to make sure is we are smart in what we recruit.”