Davies, 27, has been in impressive form this season, but it is understood that he is keen to return to the Premier League, according to The Sun.
Birmingham face Blackpool in their Championship playoff semi-final second leg on Wednesday, with Davies's side currently trailing 1-0.
Southampton will reportedly submit a £3m bid for the former Aston Villa man.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Birmingham CityBirmingham | 9 | 7 | 1 | 1 | 17 | 9 | 8 | 22 |
| 2 | Wrexham | 10 | 6 | 2 | 2 | 18 | 8 | 10 | 20 |
| 3 | Mansfield TownMansfield | 9 | 6 | 2 | 1 | 17 | 11 | 6 | 20 |
| 4 | Lincoln CityLincoln | 9 | 5 | 3 | 1 | 15 | 8 | 7 | 18 |
| 5 | Wycombe WanderersWycombe | 9 | 5 | 2 | 2 | 17 | 13 | 4 | 17 |
| 6 | Stockport CountyStockport | 9 | 4 | 4 | 1 | 13 | 7 | 6 | 16 |
| 7 | Exeter CityExeter | 9 | 5 | 1 | 3 | 10 | 6 | 4 | 16 |
| 8 | Charlton AthleticCharlton | 10 | 5 | 1 | 4 | 10 | 9 | 1 | 16 |
| 9 | Huddersfield TownHuddersfield | 10 | 5 | 0 | 5 | 14 | 11 | 3 | 15 |
| 10 | Blackpool | 10 | 4 | 3 | 3 | 17 | 16 | 1 | 15 |
| 11 | Barnsley | 10 | 4 | 3 | 3 | 15 | 15 | 0 | 15 |
| 12 | Stevenage | 10 | 4 | 2 | 4 | 8 | 7 | 1 | 14 |
| 13 | Bolton WanderersBolton | 9 | 4 | 2 | 3 | 15 | 15 | 0 | 14 |
| 14 | Peterborough UnitedPeterborough | 10 | 4 | 2 | 4 | 16 | 18 | -2 | 14 |
| 15 | Wigan AthleticWigan | 10 | 3 | 4 | 3 | 9 | 5 | 4 | 13 |
| 16 | Reading | 9 | 4 | 1 | 4 | 13 | 14 | -1 | 13 |
| 17 | Rotherham UnitedRotherham | 10 | 3 | 4 | 3 | 9 | 11 | -2 | 13 |
| 18 | Bristol Rovers | 10 | 4 | 1 | 5 | 13 | 16 | -3 | 13 |
| 19 | Leyton Orient | 10 | 2 | 2 | 6 | 10 | 14 | -4 | 8 |
| 20 | Northampton TownNorthampton | 9 | 2 | 2 | 5 | 11 | 17 | -6 | 8 |
| 21 | Crawley TownCrawley | 9 | 2 | 1 | 6 | 5 | 13 | -8 | 7 |
| 22 | Shrewsbury TownShrewsbury | 10 | 1 | 2 | 7 | 8 | 17 | -9 | 5 |
| 23 | Burton Albion | 9 | 0 | 4 | 5 | 10 | 19 | -9 | 4 |
| 24 | Cambridge UnitedCambridge | 9 | 0 | 1 | 8 | 6 | 17 | -11 | 1 |
| > League One Full Table | |||||||||
