Initial reports suggested Smith would miss next month's three-Test series but it has now been revealed that he only suffered a grade-two tear and could be back in action in a month.
Smith insists his sole priority is the Brumbies but the news is undoubtedly a boost to Qantas Wallabies head coach Robbie Deans.
"My priority from here is to rest, rehab and ensure my body is 100 percent leading into the tail end of the Brumbies' season," said Smith.
"I'm confident of playing a further part in the Brumbies' 2013 campaign."
The legendary flanker faced The Lions during the 2001 tour of Australia, as he was making the first steps into his 110-Test career.
He called time on his international career in February 2010, and enjoyed stints at Toulon and Stade Francais before moving to Japan.
But after answering an injury SOS call from the Brumbies, Smith was thrust back into the Qantas Wallabies selection frame.
He was left out of Deans 25-man squad following his injury but a further six players will be added to the party on June 11.
The Lions arrive Down Under next month, with the Test series kicking off in Brisbane on June 22.
Smith is still contracted to Japanese club Suntory while on loan to the Brumbies but he finalised an agreement to play for his country against The Lions last Friday.
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