The Olympic gymnast is reportedly wanted by producers to be among the lineup for the upcoming tenth series, reports The Sun.
Show bosses are said to want as many Olympic athletes as possible on the cast, with Smith, a silver and bronze medallist, at the top of their list.
"Louis captured the hearts of viewers during the Olympics when he burst into tears after his pommel horse performance. Now, we want him to win over viewers," a source said.
"As an athlete, he is fit and dedicated and would be capable of some amazing dance moves.
"He is also gorgeous which won't do him any harm when it comes to audience support. He will definitely be one of the show's heartthrobs. He has yet to sign on the dotted line, but it's likely when the line-up is announced next week he will be on the list of contestants."
Smith had previously auditioned for rival show The X Factor three years ago before his Olympic success.
Fellow Team GB members Beth Tweddle, Victoria Pendleton and Rebecca Adlington have been rumoured to be joining the Strictly line-up.
Strictly's launch show will air on Saturday, September 15 on BBC One. Watch a trailer below:
Strictly lineup 2012 - Rumoured celebrities in pictures:
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