Levi Jones has been informed by the Bengals that they plan to trade or release the eight-year veteran, according to agent Kenneth Zuckerman.
In the weeks leading to the draft, Jones was retained on the roster as insurance in case the team couldn't find a suitable replacement in the NFL draft.
Cincinnati selected Alabama's Smith with the No. 6 overall pick Saturday and will pencil him in as a starter, paving the way for Jones' likely exit.
"Nothing has happened so far, but we expect something to happen very shortly," Zuckerman told ESPN.com. "The Bengals told me it was highly likely that he would be traded or released."
Jones is a former first-round pick of the Bengals in 2002. He was one of the top tackles in football before numerous injuries the past three seasons hurt his production. Jones started just 10 games last season for the Bengals, who finished 4-11-1.
James Walker covers the AFC North for ESPN.com.