Local papers reported Smith was a top candidate for the roughly $10.7 million tag if it wasn't used on wide receiver Brian Hartline, but Salguero has stated for more than a week that wouldn't be the case.
If the Dolphins hold off, Smith will be unleashed on the open market, where his camp is expected to seek something close to the $8-$10 million per year the Dallas Cowboys' Brandon Carr and the Tennessee Titans' Jason McCourty received last offseason.
The Dolphins appear primed to mine the NFL draft for secondary help instead of pouring greenbacks into a corner who allowed more combined first downs and touchdowns than any other last season. Smith has potential -- and suitors will come calling if he's made available -- but the Dolphins appear willing to move on.
Follow Marc Sessler on Twitter @MarcSesslerNFL.