The 47-year-old had been on a three-month rolling deal since taking over from club legend Dario Gradi last November.
Although the League One outfit have yet to reveal the length of the new contract, several reports have claimed that it is an 18-month agreement.
The Railwaymen have lost just 13 times in 58 games under Davis's guidance.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Port Vale | 14 | 9 | 3 | 2 | 23 | 15 | 8 | 30 |
| 2 | Walsall | 13 | 8 | 2 | 3 | 26 | 14 | 12 | 26 |
| 3 | Notts County | 14 | 7 | 5 | 2 | 22 | 12 | 10 | 26 |
| 4 | Doncaster RoversDoncaster | 14 | 8 | 2 | 4 | 20 | 16 | 4 | 26 |
| 5 | Crewe AlexandraCrewe | 13 | 7 | 3 | 3 | 16 | 12 | 4 | 24 |
| 6 | Chesterfield | 14 | 5 | 7 | 2 | 28 | 15 | 13 | 22 |
| 7 | Bradford CityBradford | 14 | 6 | 4 | 4 | 20 | 15 | 5 | 22 |
| 8 | MK Dons | 14 | 6 | 3 | 5 | 21 | 16 | 5 | 21 |
| 9 | BarrowBarrow | 14 | 6 | 3 | 5 | 15 | 11 | 4 | 21 |
| 10 | Grimsby Town | 14 | 7 | 0 | 7 | 18 | 25 | -7 | 21 |
| 11 | Gillingham | 14 | 6 | 2 | 6 | 15 | 12 | 3 | 20 |
| 12 | Salford City | 14 | 5 | 5 | 4 | 14 | 16 | -2 | 20 |
| 13 | AFC Wimbledon | 11 | 6 | 1 | 4 | 18 | 9 | 9 | 19 |
| 14 | Newport CountyNewport | 14 | 6 | 1 | 7 | 18 | 24 | -6 | 19 |
| 15 | Fleetwood TownFleetwood | 13 | 4 | 6 | 3 | 19 | 15 | 4 | 18 |
| 16 | Cheltenham TownCheltenham | 14 | 5 | 2 | 7 | 18 | 21 | -3 | 17 |
| 17 | Harrogate TownHarrogate | 14 | 4 | 3 | 7 | 11 | 19 | -8 | 15 |
| 18 | Bromley | 13 | 3 | 5 | 5 | 15 | 17 | -2 | 14 |
| 19 | Tranmere RoversTranmere | 13 | 3 | 5 | 5 | 8 | 16 | -8 | 14 |
| 20 | Accrington StanleyAccrington | 13 | 3 | 4 | 6 | 15 | 22 | -7 | 13 |
| 21 | Colchester UnitedColchester | 13 | 2 | 6 | 5 | 16 | 20 | -4 | 12 |
| 22 | Swindon TownSwindon | 14 | 2 | 6 | 6 | 15 | 20 | -5 | 12 |
| 23 | Carlisle UnitedCarlisle | 14 | 2 | 2 | 10 | 12 | 28 | -16 | 8 |
| 24 | Morecambe | 14 | 1 | 4 | 9 | 12 | 25 | -13 | 7 |
| > League Two Full Table | |||||||||
