A source told CBSSports.com a formal announcement is expected Wednesday.
Smart, a Texas native, averaged 15.4 points, 5.8 rebounds and 4.2 assists as a freshman while leading the Cowboys to the NCAA tournament. The 6-foot-4 guard would've almost certainly been selected in the top 10 of June's NBA Draft, meaning he's the first consensus lottery pick to decide to return to school.
This development will push OSU into the preseason Top 25 (and one).
The Cowboys are now expected to return the top seven scorers from a 24-win team.