The 36-year-old former England international has taken a back seat from playing this year following the death of her father in February.
A calf injury also cut short her comeback in July.
“I’m at a stage now where I’ve got time to take a step back, think everything over and assess my future playing career in football,” Smith told Belles’ official website.
“I know I still have something to give.”
This year instead has seen Smith spend more time talking about the game - in her role as a television pundit.
“There’s nothing that can prepare you for losing a loved one and I was really close to my dad,” said Smith.
“It made me re-evaluate everything and, I didn’t fall out of love with football, it just wasn’t the main priority anymore – my family was.
“As my head wasn’t in the right place for playing football, I took some time away and threw myself into my work.
“I needed to take my mind off of it and my work really helped that.”
She added: “Everyone involved at the Belles have been fantastic with me this season and I’m thankful for that.
“It’s a great club to be a part of and I’ve made some wonderful friends here. The fans have been amazing too.”