The Armenia international has fallen out-of-favour at Old Trafford over the past couple of months to raise serious questions about his future at Manchester United.
Mkhitaryan made a promising start to the 2017-18 season following five assists in his opening three Premier League games to help Manchester United beat West Ham, Swansea and Leicester City.
However, the former Borussia Dortmund midfielder hasn’t featured for the Red Devils since a 1-0 loss to defending Premier League champions Chelsea at Stamford Bridge at the end of October.
Mkhitaryan has failed to really convince since his move to Manchester United despite spells where the Armenian has been able to produce the sort of form that earned him the Bundesliga player of the year in 2015-16.
Manchester United have been linked with a potential move to sign Arsenal playmaker Mesut Ozil and Inter Milan winger Joao Maria ahead of the January transfer window.
Former Arsenal striker Smith believes Mkhitaryan could be used as a makeweight in a potential January deal.
“Who knows what will happen in January?” Smith told Sky Sports News.
“There will be plenty of offers for someone like Mkhitaryan. Whether they will be the right place or not is another matter. He is a sellable asset and a bargaining chip perhaps for somebody else that Mourinho might want to get in.
“I still think he would be reluctant to sell somebody like that, who is a quality player when he is playing with confidence.”
Thw 29-year-old was part of the Manchester United side that won the Europa League and the attacking midfielder scored in a 2-0 win over Ajax in the final.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news