Smith sustained the injury while attempting to cover a deep route during the Ravens' 44-20 victory over the Detroit Lions on Dec. 3.
The 29-year-old participated in individual drills on Wednesday for the Ravens, who are hoping to have him ready for the regular-season opener on Sept. 9.
Smith matched his career high with three interceptions last season while playing through a sore Achilles. He also had 26 tackles and nine passes defensed in 12 games.
Following the injury, Smith elected to drop his appeal and accept a four-game suspension for violating the NFL's policy on performance-enhancing substances. He served that while being on injured reserve.
Smith has collected 254 tackles and 11 interceptions in 86 career contests since being selected by the Ravens with the 27th overall pick of the 2011 NFL Draft.