Smart, who has just one substitute appearance at first team level to his name, will complete his move tomorrow and could feature for the Milton Keynes side against Brentford on Saturday.
The loan will last for 93 days and is consistent with Norwich boss Peter Grant's stated policy of getting as much first team experience on loan as possible for his youngsters.
Smart follows Ryan Jarvis out of Carrow Road, the striker having joined SPL side Kilmarnock, and goalkeeper Joe Lewis is excelling to such an extent at League Two Morecambe that he has earned a call-up to the England under-21 squad.