Smith, 23, who can play across the back line, has played in every Leicester Tigers game so far this season, while 21-year-old Cole has made 15 appearances in the front row.
Experience will be added to the squad with the presence of scrum-half Harry Ellis, whose last game for Tigers was in the Heineken Cup against Perpignan at the Stade Aime Giral.
Tigers teammates Jordan Crane and Ben Woods are also in the 21-man training squad, which will meet on Monday for the Saxons game against Portugal at Edgeley Park on Friday, January 30 (kick-off 8pm).
England Saxons Head Coach Stuart Lancaster said: "With a number of our regular Saxons players involved in rearranged club fixtures, this match is a great opportunity for some of our talented young players coming through the programme, those just outside the current Elite Player Squads, to showcase their talents on the international stage and put a marker down for the future. “
England Saxons (v Portugal, Edgeley Park, Friday, January 30 kick-off 8pm)
Forwards
Nathan Catt (Bath Rugby)
Dan Cole (Leicester Tigers)
Jordan Crane (Leicester Tigers)
Phil Dowson (Newcastle Falcons)
Tom Mercey (Saracens)
Kearnan Myall (Leeds Carnegie)
Andy Saull (Saracens)
George Skivington (London Wasps)
Joe Ward (London Wasps)
Rob Webber (London Wasps)
Dave Wilson (Newcastle Falcons)
Ben Woods (Leicester Tigers)
Backs
Nick Abendanon (Bath Rugby)
Ed Barnes (Bristol Rugby)
Noah Cato (Saracens)
Alex Goode (Saracens)
Adam Powell (Saracens)
Harry Ellis (Leicester Tigers)
Joe Simpson (London Wasps)
Matt Smith (Leicester Tigers)
Dominic Waldouck (London Wasps)
