In fact, the veteran hooker is even a small chance of playing in the Storm's next NRL match against Manly on Sunday.
There were fears Smith's season was over after the he was reduced to just 44 minutes - his lowest in eight years - in their win over the Raiders.
However, scans on Sunday confirmed the Australian captain could be back by the Storm's Round 23 clash against the Sydney Roosters at the latest.
"We were pleased to find out this afternoon Cameron has only suffered a minor tear to his pec," Storm football director Frank Ponissi said on Sunday.
"While it's extremely unlikely Cameron will play this Sunday, given the player Cameron is and his resilience to play the amount of games he has over recent seasons, we will give him every chance to do so.
"Otherwise we expect him to be available for selection in Round 22 or definitely by Round 23."
Fullback Billy Slater also faces a race to be fit to take on the Sea Eagles after being knocked out by a sickening late shot from Raiders forward Iosia Soliola.
The match review committee referred the shot straight to the judiciary.
Meanwhile, South Sydney captain Sam Burgess could also be a chance of taking on Canberra on Saturday after being cleared of broken ribs.
There were also suggestions Burgess' season was over when he left the field after a heavy tackle in the Rabbitohs' NRL loss to Cronulla on Friday.
Scans confirmed Burgess suffered a rib cartilage injury but no bones were broken, and the club said he was a possibility to face the Raiders at ANZ Stadium.
Burgess is averaging a team-high 129 metres per game this season.
The Rabbitohs' loss to the Sharks was their third in succession and leaves them six points out of the top eight, all but extinguishing any hope of making this year's finals series.
The news is also good for Penrith skipper Matt Moylan, with scans also showing he hadn't suffered any further damage to his hamstring in Saturday's win over Gold Coast.
The Panthers five-eighth is considered a strong chance of taking on Canterbury on Thursday.