The stocks of Smith, 25, have risen markedly in the past 18 months, scoring four Test centuries to nail down a permanent spot in the Australian top six and captaining NSW to a Sheffield Shield title in March.

Clarke, 33, has given no indication of an intention to walk away from international cricket in the forseeable future but with his chronic back injury casting doubt about his longevity Australian officials would be negligent not to give some attention to who might ultimately replace him as captain.

Smith received a strong endorsement last summer by Ponting and Waugh, in his first season on the national selection panel, agrees the Blues product is the leading option as it stands.

"Obviously, Michael Clarke is there at the moment but Steve Smith has probably been one of the names that's been bandied around. David Warner's name has been there as well," Waugh said.

"Hopefully it won't happen for a while and Pup [Clarke] will play for a few years yet. But you need someone who is going to be in the team, for a starter, and I think logically looking at it ... Steve Smith is probably there or thereabouts, isn't he?"

Smith's captaincy experience extends back to leading the Sydney Sixers to the inaugural Big Bash League title three summers ago. He has come along in leaps and bounds since then, most recently regaining his place in Australia's one-day and Twenty20 teams as well. Waugh, a veteran of 128 Tests, believes however that he ideally needs at least two more years cementing himself in international cricket before being burdened with the extra responsibility of leadership.

"The more you play at international level, the more confident you get in your own ability," Waugh said. "He reads the game very well – even that catch he took the other night [to dismiss Pakistan's Fawad Alam in Abu Dhabi] – that was great anticipation. He's a smart cricketer and a very good player.

"He's got all the attributes to be a good captain, without putting too much pressure on him, because he's only really just started his Test career. You throw his name around but his career is only just evolving. Ideally, you'd like to see him play another couple of years before he had the pressure of the captaincy.

"It's not easy to find an Australian captain. And there is probably not as many players around these days as, say, when I played. You probably could have had five or six guys you could probably look at.

"I'm sure we'll be OK. But there is probably not an abundance of people putting their hand up just yet."

Waugh, 49, was asked to be a selector four years ago and accepted when approached again this year, when he was convinced he could juggle the role with his television commentary duties.

"It's good to have a bit of an input into Australian cricket again. As a selector that's an important role because you've got a direct input into the success of the team and into the livelihoods of players," he said.