Yee, a board member since 2003, has been a student, parent, teacher and principal within the district at various times over the years, board President David Kakishiba said in a letter to district staff.
Yee will be formally announced as a candidate for the position today and the board will vote on the appointment on April 24th.
If Yee is appointed as acting superintendent, the board will then have 60 days to decide how to fill his vacant District 4 seat.
Smith announced his resignation, effective June 30th, in a letter to the board of education on April 4th, according to district officials.
Smith said he is moving his family to Chicago to be closer to his father-in-law, who is in poor health.
"The decision to leave at this time is very difficult," he wrote in the letter to OUSD board of education president David Kakishiba. "However, my commitment to my family first means this is the right decision at this time."
"The Superintendent will be leaving a legacy that Oakland can be proud of," the board said in a statement. "We have no doubt that Oakland is ready for the work ahead."
Smith has served at the head of Oakland public schools for the past four years. He was appointed in May 2009 and assumed the post that July.