Former Arsenal striker has claimed that Robin van Persie's wish to leave the club is not motivated by money.
The Dutchman confirmed in a statement on Wednesday that he would not be signing a new contract with the Gunners.
Despite reports of a £225,000-per-week deal waiting for him at Premier League champions Manchester City, Smith thinks the 28-year-old wants to win silverware.
"From what I have heard from people close to Robin he's not motivated by money," he told Sky Sports News.
"I think at his age, it's about winning medals. He's in his peak years now. I truly believe in this case he wants to win things in the next few years when he can.
"That doesn't reflect well, of course, on Arsenal. It's really disappointing from Arsenal's point of view, but Robin van Persie is looking at the next few years when he's 28, 29, 30; he thinks they can't win trophies. You don't want to say it but you probably have to agree with him."
Van Persie joined Arsenal from Feyenoord in 2004 for £2.75m.
