The drama focuses on a group of people who get together to produce a Broadway show based on the life of Marilyn Monroe.
According to The Hollywood Reporter, Huston has now joined the cast as Eileen. The character is said to be an intelligent but cynical theatre producer.
If it is picked up, Smash will be Huston's first regular series television role. She previously appeared in several episodes of Medium but is best known for her film work and has starred in movies including The Royal Tenenbaums, The Addams Family and The Witches.
Actors who have already signed up for roles in Smash include Debra Messing, Katharine McPhee, Jack Davenport, Christian Borle and Raza Jaffrey. Steven Spielberg will serve as one of the executive producers on the project.