The Light Blues chief executive said in a radio interview with TalkSPORT yesterday that he wishes to appoint the legendary former Ibrox boss as a board advisor.
And having worked with Smith when he was a player then assisted him during his second spell at the helm in Govan, McCoist is totally backing that idea.
Smith won a total of 21 major honours in his two reigns as manager at Gers and led his team to the 2008 UEFA Cup final in Manchester against Zenit St Petersburg.
He then stepped down at the end of the 2010/11 season with title glory against Kilmarnock, paving the way for McCoist to replace him at the helm.
And he said: “That’s a no brainer. If you can get somebody of Walter’s standing, history and the respect he has, it’s an absolute no brainer.
“He has brought so much to our football club and indeed Scottish football. Walter hasn’t listened to me for a number of years so I don’t imagine he will start now!
“I speak to him on a very regular basis. The one thing he has earned the time and the opportunity to do what he is doing at the moment.
“He has spent more time with his grandkids, his wife Ethel, played more golf and gone on holidays. I don’t think anyone can grudge him that.
“But I would assume Walter knows the door is always open at this football club to him to come back.
“It’s a no brainer for me, it’s a no brainer for the club and it is certainly a no brainer for Charles.
“I think it would be a no brainer for the support too but I don’t think he deserves to be put under any pressure.”