Rangers are reportedly on the verge of being given a cash-injection by the takeover of Craig Whyte and Smith is thought to have been helping Ally McCoist draw up a wish-list for the summer.
One of those names on Rangers list is Bartley, who made a big impression during his two-month loan spell at Ibrox, which was ended early when he damaged medial knee ligaments.
The 19-year-old is believed to be keen on a move back to Rangers and it has now been revealed that Smith wants to bring in Bartley as a parting gift for the club.
"Walter is going to contact Arsene Wenger and ask the question," Rangers first team coach Kenny McDowall told the Daily Express.
"We'd love to have the big fella back as it's no secret he came up here, fitted in well and enjoyed himself He's a top player."