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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5. Frank Lampard 10/1
Will be keen to prove himself as a manager once more after the painful way it ended for him at Chelsea
6. Ralph Hassenhuttl 10/1
Could the Saints boss be the right man to lead Villa back up the table? He would team up with Danny Ings once more if he took the role
7. Paulo Fonseca
The former Roma boss continues to be linked with the top jobs in the Premier League
8. Mark Robins - outsider
The Coventry boss has achieved wonders and has the Sky Blues up to fourth in the Championship. Would be a good option if Villa wanted to take a punt on a manager who performed well at the lower levels