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 | Wycombe WanderersWycombe | 13 | 9 | 2 | 2 | 31 | 16 | 15 | 29 |
| 2 | Birmingham CityBirmingham | 12 | 9 | 2 | 1 | 23 | 11 | 12 | 29 |
| 3 | Wrexham | 13 | 7 | 4 | 2 | 21 | 10 | 11 | 25 |
| 4 | Mansfield TownMansfield | 12 | 7 | 3 | 2 | 20 | 14 | 6 | 24 |
| 5 | Lincoln CityLincoln | 13 | 7 | 3 | 3 | 20 | 16 | 4 | 24 |
| 6 | Bolton WanderersBolton | 13 | 7 | 2 | 4 | 22 | 19 | 3 | 23 |
| 7 | Huddersfield TownHuddersfield | 13 | 7 | 1 | 5 | 19 | 12 | 7 | 22 |
| 8 | Barnsley | 13 | 6 | 4 | 3 | 21 | 18 | 3 | 22 |
| 9 | Reading | 13 | 7 | 1 | 5 | 21 | 20 | 1 | 22 |
| 10 | Stockport CountyStockport | 14 | 5 | 6 | 3 | 20 | 17 | 3 | 21 |
| 11 | Exeter CityExeter | 12 | 6 | 1 | 5 | 13 | 10 | 3 | 19 |
| 12 | Charlton AthleticCharlton | 13 | 5 | 4 | 4 | 15 | 14 | 1 | 19 |
| 13 | Peterborough UnitedPeterborough | 14 | 5 | 3 | 6 | 25 | 26 | -1 | 18 |
| 14 | Rotherham UnitedRotherham | 14 | 4 | 5 | 5 | 14 | 16 | -2 | 17 |
| 15 | Stevenage | 14 | 5 | 2 | 7 | 10 | 15 | -5 | 17 |
| 16 | Blackpool | 13 | 4 | 4 | 5 | 21 | 25 | -4 | 16 |
| 17 | Bristol Rovers | 13 | 5 | 1 | 7 | 15 | 20 | -5 | 16 |
| 18 | Northampton TownNorthampton | 13 | 4 | 3 | 6 | 17 | 20 | -3 | 15 |
| 19 | Wigan AthleticWigan | 13 | 3 | 5 | 5 | 12 | 11 | 1 | 14 |
| 20 | Leyton Orient | 13 | 3 | 2 | 8 | 11 | 18 | -7 | 11 |
| 21 | Crawley TownCrawley | 14 | 3 | 2 | 9 | 12 | 25 | -13 | 11 |
| 22 | Cambridge UnitedCambridge | 12 | 3 | 1 | 8 | 11 | 17 | -6 | 10 |
| 23 | Shrewsbury TownShrewsbury | 14 | 2 | 2 | 10 | 13 | 25 | -12 | 8 |
| 24 | Burton Albion | 13 | 0 | 5 | 8 | 13 | 25 | -12 | 5 |
| > League One Full Table | |||||||||
