Wrexham striker will keep clubs waiting even longer to see if they have won the race to his signature, expected to be three more weeks before a decision may be made.
The Basque-hotshot is currently enjoying a well deserved holiday after his goalscoring exploits last season which came close to saving the Dragons, while Wrexham boss Smith is also on holiday, with Kevin Russell - Smith's second-in-command - in charge of things during his absence.
Smith offered all of his out-of-contract players a new deal, with Ugarte offered a 'new and improved' deal to stay in north Wales and help propel the troubled club back into League One, with a deadline of June 21 for the new deals.
It is known, though, that Cardiff owner Sam Hammam and former boss Lennie Lawrence met Ugarte for talks before Lawrence was keen on bringing the Basque hitman to Ninian Park, with Ugarte saying he could like to play in the Championship, hinting that a move to Cardiff could be possible.
Leeds United, Crewe Alexandra and Sheffield United have all been linked with the former Real Sociedad player in recent weeks.