Faria was in the frame to succeed Steve Bruce at Villa Park but has turned down the opportunity for his first managerial post.
After leaving Manchester United last season as Jose Mourinho’s assistant he has looked for the right opportunity to return.
That leaves Brentford boss Smith among the front-runners to take the role to attempt to get Villa promoted from the Championship.
Smith was a Villa fan and his father used to work as a steward at the club, which he spoke about at the weekend after Bruce had a cabbage thrown at him before getting the axe.
Smith said: “The stewarding has gone downhill since my dad was working there as a steward.
“He was there for 25 years. You were lucky to get a bottle in when he was working. It was out of order what happened to Steve.”
Meanwhile, John Terry still looks set to take on the No2 role at Villa Park – and has called himself "ready for his next challenge".
Thierry Henry was set to take the top job at Villa Park, only to be swayed by the lure of Ligue 1 giants Monaco.
But JT, 37, could still return to his old club in some capacity following Bruce's sacking.
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