"I would love to have Alan Smith, but if I am to get £6 million, I can't spend it all on one player, which means I can't get Smith," O'Leary admitted.
It was O'Leary who gave Smith his senior debut in November 1998 at Liverpool.
With Leeds losing 1-0, Smith scored with his first touch, coming on as a substitute, as Leeds went on to win 3-1.