If signed to short-term deals, though, the Globe notes that Krug and Smith would then become arbitration eligible, but it is presumed GM Peter Chiarelli will aim to avoid going down that road.
Krug, 23, put up 14 goals and 26 assists for 40 points in 79 games with the Bruins last season, his first full NHL season.
In his first season with the Bruins, Smith registered 20 goals and 31 assists for 51 points in 82 games last season.
The Bruins are limited in salary cap space, with roughly $3.22 million in room -- which factors in Marc Savard's $4.027 million salary not counting against the cap as he'll be placed on long-term IR.
Chiarelli has not had an overly active off-season this summer, but next year will be different, as the likes of David Krejci, Carl Soderberg, Johnny Boychuk and Adam McQuaid are all scheduled to hit the open market.
The Bruins had tested the waters on Boychuk and could still trade him to free up additional cap space.