Jones spent last season on injured reserve.
"We anticipate he'll be ready to go 100 percent," Smith told reporters. "We'll get him going at some point in time here in the offseason. We'll be very careful. Our No. 1 goal is to have him ready to participate in training camp."
Smith was off to a fast start last season when he got injured.
He caught 41 passes for 580 yards and two touchdowns in five games last season.
In three NFL seasons, the former Alabama standout has 174 receptions for 2,737 yarsd and 20 touchdowns.
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Aaron Wilson covers the Ravens for The Baltimore Sun