Davies is understood to be on the club’s summer shortlist.
The 23-year-old could leave the Reebok Stadium, where he is under contract until 2015, at the end of the season if struggling Bolton are relegated.
Owen Coyle’s side are second from bottom of the league, and a point adrift of safety.
And a fire sale would be inevitable if the club lose their battle against relegation to the Championship.
Coyle: “Mark’s style of play is a rare commodity.
“There are not many midfielders around who can keep the ball like he does.
“When Mark is at his best he drives forward and takes people on. The best example of that was Paul Gascoigne who could drive with the ball.
“Mark has a long way to go to get to that level - he has got to get a level of consistency into his game - but he has got great quick feet, and he’s got an end product to his play as well.”