Yahoo! Sports cited anonymous sources Tuesday night in reporting that Smart had decided to return for his sophomore season.
Smart was chosen as the Big 12 player of the year and freshman of the year after averaging a team-best 15.4 points and 4.2 assists while leading the Cowboys to the NCAA tournament. Oklahoma State went 24-9 and lost to Oregon in its NCAA tournament opener.
Smart is considered a likely top-five pick in the NBA draft if he chooses to leave early.