Smith was sacked by lowly Villa at the weekend after a poor run of form that saw them lose their last five matches.
Potter has impressed at the Amex Stadium this season and his entertaining brand of football has helped Albion to a lofty seventh in the league standings after 11 matches.
Potter, 46, was previously linked with the Newcastle and Tottenham roles but continues to state he is happy at Brighton, where he receives the full support of his chairman Tony Bloom.
The Albion man however is not the only contender for Villa Park with former Chelsea boss Frank Lampard also in the running along with Rangers manager Steven Gerrard.
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1. Steven Gerrard 3/1
The former Liverpool and England star is the favourite to land the job. Has impressed at Rangers despite their financial difficulties.
2. Kasper Hjulmand 4/1
His work with the Danish national team has been noted but the former Nordsjælland boss has little Premier League experience
3. Graham Potter 8/1
Albion head coach Graham Potter seems to be linked with most jobs at the moment but insists he's more than happy at the Amex Stadium
4. John Terry 8/1
Was Dean Smith's assistant at Villa last season but is untested in the hotseat and this would be a big step for Terry and a huge gamble for Villa