Smith, 20, played against the Colls for the Bloods earlier in the season and started his professional career at Preston North End, playing on loan for Bamber Bridge and St Johnstone.
He then moved on to Southport, where he worked with Cameron Foster.
Colls have been without a dedicated right-back since Callum Spooner left the club, with Jake Kenny out for the season.
Smith was denied a debut on Saturday as Atherton’s EVO-STIK League West Division clash at home to Newcastle Town was postponed due to a waterlogged pitch.
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