New York, Denver, Minnesota and Memphis are believed to have an interest in Francis.
New York has the expiring contract of Penny Hardaway ($15.7 million) to offer, a move that would allow Orlando to drop below the salary cap and be active seeking players in the free-agent market this summer.
New York also could be offering combo guard Jamal Crawford in a larger package. Denver might be willing to trade injured center Nene, power forward Kenyon Martin and/or reserve point guard Earl Watson.
Smith admitted the parameters of a multi-team trade are in place, but he said he's not ready to commit to anything at this time. He added that even though the Magic now have five point guards -- Jameer Nelson, Keyon Dooling and Travis Diener are the others -- he doesn't feel pressure to trade Francis.
In fact, Smith said he thinks such a deal is "still a long shot."
"We're still evaluating, still using the phones and we have seven days to see what's out there and what we can do," Smith said, referring to the Feb. 23 NBA trade deadline. "Right now we have the team on the floor and we'll make evaluations as we go."