McGregor has been heavily linked with a move to Manchester United.
McGregor’s understudy Neil Alexander signed a new deal with Rangers on Thursday.
“We are delighted to have two good goalkeepers,” said Smith.
“But, because we have re-signed one of them, I don’t think that should indicate that there is any speculation surrounding the other.
“If we were to lose any other players, we would end up with none. We’ve got a decent group of players and we’ve got a small group of players, as we keep saying.
“You talk about putting them in the shop window or players leaving but we can’t afford to let any players leave. We just have to keep going.
“The lads that we’ve got have started the season extremely well and hopefully that will continue.”
He added: “Speculation is what it is. Maybe it suits the media but it’s not actually what’s happening.
“We need to keep all our players and that’s the only thing we can focus on.”