Rovers had been linked with a move for the 28-year-old, who played a key role in Blackburn’s promotion to the Championship a year ago.
But it is understood the former Rotherham United midfielder has not been on on Rovers’ radar at all this summer.
Still based in South Yorkshire, Smallwood is said to be happy in Blackburn, where he has another year on his contract.
He made 33 appearances last season, 30 of which were starts. He was an ever-present in the league for the Blackburn side that finished second in League One in the 2017/18 campaign.