The Russian ace was loaned to Pompey on loan until next summer, however The Blues did have the option of recalling him come January.
However, the Stamford Bridge outfit have opted against bringing him back to West London, and he will not continue his football with Portsmouth.
Smertin did not feature in the side's 3-0 defeat to the club who own him last Sunday, but is set to return against Blackpool in the FA Cup.
Meanwhile, Lewis Buxton will remain with Bournemouth until the end of the season, after completing two one-month loan spells with the side.
