Jerry Angelo told reporters that after Smith took the Bears to the NFC Championship Game and won the NFC North for the third time in six seasons, he's welcome back to the club.
"We very much want to extend Lovie," Angelo said. "Our intent is to extend Lovie. We wanted to wait until the season was over. The season is officially over for us and that will be part of the business at hand in these next several weeks."
The Bears lost to the Green Bay Packers 21-14 Sunday in the NFC title game.
Smith has coached the Bears for seven seasons, compiling a 66-52 record. He trails only NFL Hall of Famers George Halas and Mike Ditka for most wins by a Chicago head coach.
His career post-season record is 3-3.
Notable deaths of 2014 [PHOTOS]