Smith, a 6-foot guard, averaged 9.7 points and 2.7 assists last year for the Runnin' Rebels.
Smith has one year of eligibility remaining and is expected to file a waiver with the NCAA in hopes of playing immediately.
His presence should bolster the Skyhawks' back court, which consists of second-team JUCO All-American Alex Anderson as well as returnees Dee Oldham (9.1 ppg last season) and Marshun Newell (10.5 ppg).
Tennessee-Martin went 8-23 in 2013-14.
New Skyhawks coach Heath Schroyer was the associate head coach at UNLV last season.