Felix Magath's side are reportedly readying a £1.4 million bid.
McCormack, of course, traded Elland Road for Craven Cottage earlier this summer - but has made a slow start to life in west London.
Yesterday, he registered an assist for his new club, while he also got the winner in Fulham's Capital One Cup win against Brentford in midweek.
The 27-year-old struggled for fitness at the start of the campaign, however, and the Cottagers' struggles have been plain for all to see.
After five games, Magath's side have just one point - which came in yesterday's 1-1 draw with Cardiff City.
Leeds, too, have struggled, with owner Massimo Cellino this week sacking the out-of-his-depth Dave Hockaday. The Yorkshire side, though, at least have two wins to their name, as opposed to Fulham's none.
Should reports of interest from the Cottage appear true, then, it would be up to the 25-year-old whether he would prefer an Elland Road stay or a move to London.
Like McCormack, Smith has scored just once so far this season - in the Capital One Cup.
Should Leeds let Smith go?