"If I am ordered by my commander in chief to star in a film about him, I will do my duty as an American," Smith said while in town for the first showing of his "Seven Pounds" Thursday, The Daily Telegraph reported.
The 40-year-old U.S. actor also expressed no interest in ever following in Obama's footsteps with a presidential run.
"If we were in the White House I don't know if that would exactly be a good thing," the "Men in Black" star said.
"It's a whole lot more fun to be a movie star. That's a difficult job being president with a whole lot of lives on the line with every decision you make."
Smith did tell the Telegraph he has tentative plans to combine talents with "Slumdog Millionaire" director Danny Boyle on a new Bollywood movie.