Smith, 33, joined the Penguins last summer via a trade from the Vegas Golden Knights and gave Pittsburgh a solid depth option for their forward group and likely will do the same in New York.
In 76 games last season for Pittsburgh, Smith had 40 points (13 goals, 27 assists), 18 penalty minutes and was a plus-three.
The New York Rangers were on the look out for some depth for their forward group ahead of the 2024-25 season. After a disappointing end to last season, the Rangers are looking to get over the hump and into the Stanley Cup Final in 2025, which would be their first appearance since 2014 when they lost to the Los Angeles Kings.