Jelavic, who arrived at Ibrox on Friday morning after being granted a work permit, is now ineligible for the tournament because Rapid Vienna reached the Europa League group stages with a 3-2 victory at Aston Villa.
The Croatian, who played in earlier rounds but refused to turn out in the Austrian club's first leg against Villa, was baffled by the Uefa ruling, which deprives him of tests against Manchester United, Valencia and Bursaspor.
But Smith, who confirmed that defender Andy Webster remains out of today's Scottish Premier clash with St Johnstone due to a hamstring injury, was adamant his squad would cope.
"I don't need someone in that position, we have plenty of cover for the forward position," he said.