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The 23-year old had only recently come back to the Reebok Stadium from an injury hit loan spell with Scunthorpe United appearing in just one game for the Iron against Bury on his debut before a thigh strain cut short his spell at Glanford Park.
Smith will link up with current Wanderers reserves Danny Livesey and N'Diwa Lord-Kangana who are also both currently on loan to Rochdale from the Trotters. Middlesbrough born Smith has made six appearances for Bolton since his move from Bishop Auckland in 2001 with the majority coming in cup competitions.