According to TSN Hockey Insider Bob McKenzie, Smyth is ready to announce his retirement and Saturday's contest between the Edmonton Oilers and Vancouver Canucks will be his final game.
The 38-year-old has scored 10 goals and added 13 assists in 70 games with the Oilers this season. He has 386 goals and 842 assists in 1,268 career NHL games with the Oilers, New York Islanders, Colorado Avalanche and Los Angeles Kings.
Smyth was drafted sixth overall by the Oilers in the first round of the 1994 NHL Draft. He played in Edmonton until he was traded to the Islanders on deadline day in 2007.
Smyth was traded back to the Oilers prior to the 2011 season, after spending two seasons with each of the Avalanche and Kings.
Smyth won a gold medal at Salt Lake City 2002 while playing for Team Canada.