Jones, who injured his foot in Week 5 of last season and missed the remainder of the 2013 campaign, will be limited initially.
"He will be limited in terms of his snaps," Smith told the Journal-Constitution. "Our No. 1 goal is to make sure that we've got everybody as healthy as we possibly can be, but we know that we have to get these guys some work together and reps.
"Julio will be out there participating in practice right from the start."
Jones caught 41 passes for 580 yards and two scores last season before getting hurt.
In three seasons, Jones has 174 catches for 2,737 yards and 20 touchdowns.
The Falcons open training camp Friday.
NFL Nation Buzz: Falcons
ESPN.com Falcons reporter Vaughn McClure says Julio Jones will be the center of attention when training camp kicks off this week, as the star receiver goes full speed on his surgically repaired foot.