Smith - against British team.
The Scottish Football Association have reiterated their opposition to a British Olympic team after Lord Moynihan pledged there would definitely be one at the 2012 Games.
The British Olympic Association chairman has backed Lord Coe's bid to persuade Sir Alex Ferguson to coach the team in London.
Coe, who is chairman of the London 2012 Organising Committee, has already spoken to the Manchester United manager about the idea.
But the former Scotland manager would find himself picking a team of Englishmen if the football authorities in his home country, Wales and Northern Ireland maintain their stance.
The three associations are wary of the consequences for their independence within FIFA if a Great Britain side is formed for the under-23 tournament.
And SFA chief executive Gordon Smith has offered little room for manoeuvre.
"The Scottish FA's position on this issue remains the same - we are opposed to the concept of a British football team," Smith said.
"As we have said many times before, we feel that such a move would threaten the independent status of the home nations.
"Also, when we speak to our fan groups about this issue, they tell us that they are strongly opposed to the idea.
"As the governing body of football in this country, we will always do what is best for the sport here in Scotland."
"On a personal note, I feel that the Olympics should be the pinnacle of any sport and it is doubtful as to whether an age-restricted football competition in the Olympics would ever be able to rival the World Cup."