"Unfortunately I think that's the end of it," Smith told the Nottingham Evening Post.
"Unless they (Forest) were going to get up to the Premiership, there was no way it was going to happen.
"The transfer fee which was agreed was for going up. That was the gamble. It was a substantial enough fee, but it is a dead issue.
"You never say never in football, but at this point that's the end of it."