Smyth is understood to have applied for a license for the former Notting Hill Brasserie site in Kensington Park Road.
Smyth has set up new company CS Hospitality to oversee the venture.
She announced her intentions to pursue a solo project last year but has remained on as a consultant with Restaurant Gordon Ramsay whilst the search for a suitable site has been going on.
Smyth started working at Restaurant Gordon Ramsay in 2002 before briefly leaving to work in kitchens in Monaco and America.
She returned to assume the head chef position at the London restaurant in 2007. It was there that she became the first female chef in England to hold three Michelin stars, and she retained them throughout her entire tenure.
Last year, she revealed she was leaving the restaurant because she wanted to capitalise on her success.
She said: “Restaurant Gordon Ramsay has been a big part of my life. I am grateful for the opportunities it has given me. I also remain ambitious and want to build on my success.”
Ramsay told the Evening Standard last year: “It’s been fantastic watching Clare develop. She is undoubtedly one of the greatest chefs to have graced my kitchen and has now become the most prominent female chef of our generation. It’s the right time for her to take this next step and I am thrilled to be supporting her new venture."