In exchange for Smithson, the Panthers will receive a fourth-round draft selection from Edmonton, according to Bob McKenzie of TSN.
Smithson is playing in the final year of a two-year, $1.6 million contract that carries an annual average value of $800,000 against the salary cap. He is scheduled to become an unrestricted free agent this July.
The 34-year-old forward was originally signed as an undrafted free agent by the Los Angeles Kings during the 2002-03 season. He was acquired by the Nashville Predators during the 2005-06 season and found a consistent role with the team until being traded to Florida in February of 2012.
In 35 games played this season with the Panthers, Smithson has registered two goals and three assists for five points. He has averaged 10:21 of ice-time, which includes an average of 1:57 on the penalty kill. Smithson has also proven to be a valuable asset in the face-off circle, as he has won 54.8 percent of his draws this season.