Smith opens door to disgraced duo
Ferguson and McGregor were handed lifetime bans from representing Scotland after making gestures at photographers during April's 2010 FIFA World Cup™ qualifier against Iceland.
Addressing the media to discuss George Burley's sacking as manager, Smith said whoever succeeded the former Heart of Midlothian and Ipswich Town boss would be free to select any player, including Ferguson and McGregor.
"The new manager will definitely have a say in who he wants to play," said Smith. "The manager has the decision on all forms of dealing with discipline. If a new manager comes in, they will have licence to pick who they want."
The Scottish FA chief exec also stated that no shortlist had yet been drawn up for Burley's replacement.
"There will be a lot of speculation coming, but there will be a procedure," he said. "There's no shortlist of candidates at the moment."
"I don't think it's fair to discuss any names in public but I don't have any personal agenda. I'm looking for the best candidate going forward," he added, before concluding that "we're looking for someone who's got experience and authority in the game".