Smith made the comment during an interview with TMZ Sports.
The Redskins are widely expected to select Young Thursday in the first round of what's being called a "virtual" draft, due to the coronavirus restrictions. Former LSU quarterback Joe Burrow is expected to be the No. 1 overall pick by the Cincinnati Bengals.
Smith said he played with Young's uncle, Bernard Joseph, at Virginia Tech and that he recalls Joseph praising the star Buckeyes linebacker several years ago.
Smith said Young has "all of the tangibles necessary" to be an elite player in the NFL and said he's "arguably" the best player in the 2020 draft class.
"I think Chase will end up in the hands of the Washington Redskins," he said.
Smith has considered a discussion with Redskins owner Dan Snyder about how he could help Young develop more quickly.
"I've given that some thought," the 11-time Pro Bowl selection said. "Giving Dan Snyder a call and telling Dan that I can probably help this young man out to becoming that impact player they would like for him to become, a lot sooner rather than three or four years down the line."
Smith has previously worked with other star NFL players, including Denver Broncos defender Von Miller. The 2009 Hall of Fame inductee spent four seasons with the Redskins between 2000 and 2003 after playing his first 15 for the Buffalo Bills. Smith's 200 career sacks are the most in NFL history. The 1990 and 1996 Defensive Player of the Year appeared in 279 games after being taken as the No. 1 overall pick out of Virginia Tech in the 1985 NFL Draft.