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The 23-year old winger has been recruited by Lillywhites manager Craig Brown due to injuries to his midfield area and the departure of former Scotland midfielder Craig Burley this week has further decimated his squad.
Former Hartlepool United player Smith also had a one game loan spell with Scunthorpe United earlier in the season and it is now expected the Middlesbrough born player will end his involvement as a Wanderers player as he is out of contract in the summer, the same time his temporary spell with Preston ends. Smith made just two league appearances for Bolton, including one in the Premiership as a substitute against West Ham United on the final day of the 2001-2002 season. His last appearance for Bolton came at left-back in the ill-fated 2-1 defeat by Tranmere Rovers in January 2004.