Smith is to discuss with Midnight Shadow's owner, Mrs Aafke Clarke, whether to take up his entry in the three-mile Christmas feature, with just over two weeks between the races.
"We won't know until we've got final confirmation. I haven't spoken to the owners yet regarding it, but he's come out of his race at Cheltenham very well," said the High Eldwick trainer.
"The King George is still a possible. We'll just have to wait on their answer."
Looking back on Midnight Shadow's gallant effort in trying to repeat his Power Power win in the Racing Post Gold Cup, Smith said: "I was very pleased with his run.
"He carried 11lb more than the winner and 9lb more than the second horse and he's only been beaten two lengths. He put up a very good performance."