The half-back joined from rivals Wigan during the off-season but has been unavailable due to a broken leg he suffered in his side's opening friendly against Widnes.
Smith came through the club's academy but, after failing to establish himself, eventually left for Salford in 2011 following a successful loan.
After impressing for both the Red Devils and the Warriors, he also earned England recognition in both 2014 and 2015.
Saints have struggled for consistency so far in 2017, winning only two of their opening five matches, but head into Friday's visit of Warrington after a battling win away at Catalans.
However, boss Kieron Cunningham has now confirmed the 29-year-old will be available to take on the Wire and says he is looking forward to seeing the playmaker in action.
He told the St Helens Star: "Matty will play. He has trained for a couple of weeks now and had the Catalans game been at home, rather than jumping on a plane, he would have played in that.
"He is fit, able and ready to go and we are looking forward to unleashing him on Friday. Matty is fine – he looks 100 per cent and you would not know what he has done."