The likes of Daniel Cousin and Jean-Claude Darcheville could now find themselves surplus to requirements and Smith expects some players to head for the exit door.
"Of course, given that we have now increased the squad, that will mean that some players are going to be unhappy because they are not getting a game," Smith told Rangers World.
"So some of them may leave during this transfer window and that may be an obvious thing.
"There are a few in that category and I think they would like permanent moves rather than loans."