Rovers want to be less reliant on players borrowed from top-flight football under new manager Richie Wellens but they will still try to make use of them. This will be the second time he has worked under Wellens.
Smith is a 20-year-old deep-lying playmaker who is yet to make his debut for the Gunners, but was on the bench in the 2020 FA Cup final.
He had loan at Swindon Town under Wellens, but it was cut short mid-season so he could join Charlton Atheltic. By then Wellens had moved on too, to Salford City.
Smith's namesake, a Welsh international who was part of their Euro 2020 squad, made 43 appearances on loan from Manchester City last season.
Wellens has already signed Ben Close, Kyle Knoyle, Ro-Shaun Williams and Tommy Rowe on a permanent basis.
Support The Yorkshire Post and become a subscriber today. Your subscription will help us to continue to bring quality news to the people of Yorkshire. In return, you'll see fewer ads on site, get free access to our app and receive exclusive members-only offers. Click HERE to subscribe.