And the 28-year-old will make his comeback in Canada's Global T20 league as a marquee player.
He later accepted a 12-month ban from all global and domestic games by Cricket Australia for his role in the ball-tampering scandal that rocked the sport.
He had been on a United States dollars 1.9 million contract with Indian Premier League (IPL) side Rajasthan Royals but stepped down amid the scandal.
Five of the six teams will represent Canadian cities - Edmonton Royals, Montreal Tigers, Toronto Nationals, Vancouver Knights and Winnipeg Hawks. Cricket Canada aims to start a T20 league with six teams that'll play 22 matches in a month-long tournament.
Smith will join fellow Aussie Chris Lynn and other global stars including former West Indies captain Dwayne Bravo, Chris Gayle, Darren Sammy, Shahid Afridi and Lasith Malinga as marquee players in the competition.
According to cricket.com.au, David Warner has also been tipped to join the tournament, which begins on June 28.
Smith would require permission from Cricket Australia to play.
$100 Oil-Price Spike Would Trigger Recession in Crude Reality
Nonetheless, he reiterated the built-in mechanism that the government can resort to if global oil prices reach $80 per barrel. Brent crude futures were down $1.51 at $77.28 a barrel, having hit their highest since late 2014 at $80.50 this month.
Dwayne Bravo, Lasith Malinga, Chris Lynn, Darren Sammy, David Miller and Sunil Narine were also named as marquee players.
Speaking about this association, Cricket West Indies (CWI) President, Dave Cameron, said, "On behalf of CWI, I would like to wish Global T20 Canada much success".
While Bancroft will feature in Western Australia's Premier Cricket league, Warner will play for Randwick Petersham, his club in Sydney.
Teams will be stocked with players through a draft that will take place on May 31. "We support Cricket Canada and look forward to working even closer going forward, so congratulations and all the best to Cricket Canada and Mercuri Group".
Australia visit England next month for an ODI series with Smith, Warner and Bancroft all missing out.
"Canadian cricket fans will have a great opportunity to see up close numerous world's greatest players, and I'd like to thank International Cricket Council, CWI and the international cricket community for their guidance and support in growing cricket in Canada", concluded Saini.