The gymnast, who won silver in the pommel horse competition at the London 2012 games, has said it is "an honour" to be part of the reality television show.
"It's a very prestigious show," he said. "It's definitely one of the best shows on TV at the moment, and I think it's an honour as well as great fun to be part of [it].
"Coming off the back of the Olympics and having been on such a high, I think this is one of the only shows that can match that in terms of the adrenalin buzz and being part of something special."
Smith added that he would need a "strict" dance partner and that he would "like to think that the girls will be fighting over me!"
He will join Colin Salmon, Dani Harmer, Jerry Hall, Fern Britton, Victoria Pendleton, Johnny Ball, Lisa Riley, Denise Van Outen, Michael Vaughan, Nicky Byrne, Richard Arnold, Sid Owen and Kimberley Walsh on the show.
Strictly Come Dancing's tenth series premieres on Saturday, September 15 at 6.30pm on BBC One.
Picture gallery - Strictly 2012: The Celebrities: