Liverpool were in the market for a new centre-back in the summer but a move for Southampton’s Virgil van Dijk fell through.
Smith reckons Van Dijk is now more likely to move to Manchester City, who were also linked with Evans last summer.
Evans won three Premier League titles with Manchester United before leaving in 2015.
Smith says his experience from his United days would prove a huge asset at the back for Liverpool boss Jurgen Klopp.
“I do think (Ragnar) Klavan coming in has made a bit of a difference,” Smith said.
“But how they’d love to get Virgil van Dijk in, maybe that ship has sailed. It sounds like Pep Guardiola might be interested in the Southampton centre-half.
“I think there are still questions to be answered. Yes I could (see Jonny Evans signing), definitely, definitely.
“I think it will be hard for West Brom if the money was right. Jonny’s a really solid citizen as well, you know what you are getting with him coming into the dressing room.
“He’s a good lad, highly experienced, knows what it’s about playing for a big club at Manchester United.
“It’s a no-brainer for a few managers I think that.”
Evans helped his West Brom side hold Liverpool to a 0-0 draw at Anfield on Wednesday.