Speaking to The Guardian, the Time Lord actor hinted that he would like to work with playwright and friend Simon Stephens on an idea in the future.
When quizzed on whether he would consider any film roles in the future, Smith replied: "God yeah, absolutely - I'd quite like to direct."
Asked if he has a project in mind, the star elaborated: "Yeah, perhaps, but it's way down the line. But, [I'm] talking to a writer about it, a writer you may have mentioned before [Stephens], and we're on the road.
"We're just trying to find a window to do it because, obviously my filming commitments take up so long. And there's plenty of time."
Earlier in the interview, Smith said that he would "love" to work with Stephens, describing him as "one of [his] favourite writers".
Meanwhile, the 29-year-old revealed that a big name has recently signed to guest star in an upcoming Doctor Who episode.
"Casting is going very well," Smith teased. "I found out a lovely bit of news this morning actually about somebody who's going to be in it. I couldn't possibly tell you but it's exciting. You'll know him... or her."
Talking generally about the new series of the BBC sci-fi drama, which restarts filming on February 20, he went on: "Very excited - it's a long shoot. But we've got four or five scripts which look in really good shape."
Of his continuing desire to return to the theatre, Smith added: "I really, really hope [I do] - I'm filming now until December on Doctor Who. But, depending on what happens thereafter, I'm itching to come back."
Watch Matt Smith's full interview with The Guardian below: