Either the tire is VERY under inflated or it is contacting the body, spring, or chassis somewhere. Look for rub marks on the inside of the tire, and shiny spots on the MacPherson Strut, spring, or chassis directly behind the tire (you will absolutely need to remove the tire to see the evidence of this situation).
Having said this, what type of smell is it? If it is a foul smell, are you sure it is not a brake odor, from a stuck parking brake cable, or possibly mis-adjusted or broken rear brake hardware? Feel the wheel as well as the tire. If the heat has tranferred into the wheel, then it is not the tire, it is the brakes, or possibly a wheel bearing. If the wheel is cool and the tire is hot, stay w/the tire.
