Australia might relax their preference for fielding Australian-based players to give themselves the best shot of beating the British and Irish Lions in this summer's series.
The Wallabies have generally opted for players either at domestic teams, or with a commitment to return to play in the country.
The policy was previously formalised as 'Giteau's Law' - a limit on the number of players an Australian head coach could pick from overseas, which varied on the number of caps individuals had won - but it has been loosened in recent years., external
Back row Langi Gleeson, who played in all four of Australia's November internationals, had his invitation to a training camp rescinded in January after it was reported he had agreed a move to French side Montpellier.
However, Schmidt says the strength of the Lions squad announced last week might mean he takes a softer line with overseas talent.
"We don't want to discount anyone because, as [Lions head coach] Andy [Farrell's] done and the coaches, they've picked a form squad," said Schmidt.
"I stay in touch with those guys who are overseas.
"We would love to pick a form squad.
"But, as I've always said, if there's anything that we think is 50-50, it's more difficult to absorb someone from the outside the groups that play together already."
Former Saracens second row Will Skelton, now with La Rochelle, Bordeaux's in-form back row Peter Samu and Japan-based centre Samu Kerevi are among those who could benefit.
James O'Connor, 34, who was Australia's starting fly-half in all three Tests of the series defeat by the Lions in 2013, has also run into form with New Zealand's Crusaders.