The past decade has witnessed the rapid development of ML and DL methodologies in agricultural systems, showcased by great successes in variety of agricultural applications. However, these conventional ML/DL models have certain limitations: They heavily rely on large, costly-to-acquire labeled datasets for training, require specialized expertise for development and maintenance, and are mostly tailored for specific tasks, thus lacking generalizability. Recently, foundation models have demonstrated remarkable successes in language and vision tasks across various domains. These models are trained on a vast amount of data from multiple domains and modalities. Once trained, they can accomplish versatile tasks with just minor fine-tuning and minimal task-specific labeled data. Despite their proven effectiveness and huge potential, there has been little exploration of applying FMs to agriculture fields. Therefore, this study aims to explore the potential of FMs in the field of smart agriculture. In particular, we present conceptual tools and technical background to facilitate the understanding of the problem space and uncover new research directions in this field. To this end, we first review recent FMs in the general computer science domain and categorize them into four categories: language FMs, vision FMs, multimodal FMs, and reinforcement learning FMs. Subsequently, we outline the process of developing agriculture FMs and discuss their potential applications in smart agriculture. We also discuss the unique challenges associated with developing AFMs, including model training, validation, and deployment. Through this study, we contribute to the advancement of AI in agriculture by introducing AFMs as a promising paradigm that can significantly mitigate the reliance on extensive labeled datasets and enhance the efficiency, effectiveness, and generalization of agricultural AI systems.