Championship club Birmingham are understood to be eager to cut the wage bill at St Andrew's and Davies could be one of the first players to leave this month.
Reading are thought to be considering a £1.5m bid for the 27-year-old, according to The Mirror.
Davies joined Birmingham from Midlands rivals Aston Villa in January 2011.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Birmingham CityBirmingham | 8 | 7 | 1 | 0 | 17 | 8 | 9 | 22 |
| 2 | Wrexham | 9 | 5 | 2 | 2 | 14 | 7 | 7 | 17 |
| 3 | Mansfield TownMansfield | 8 | 5 | 2 | 1 | 15 | 11 | 4 | 17 |
| 4 | Stockport CountyStockport | 8 | 4 | 3 | 1 | 13 | 7 | 6 | 15 |
| 5 | Lincoln CityLincoln | 8 | 4 | 3 | 1 | 13 | 7 | 6 | 15 |
| 6 | Blackpool | 9 | 4 | 3 | 2 | 17 | 14 | 3 | 15 |
| 7 | Huddersfield TownHuddersfield | 10 | 5 | 0 | 5 | 14 | 11 | 3 | 15 |
| 8 | Barnsley | 10 | 4 | 3 | 3 | 15 | 15 | 0 | 15 |
| 9 | Wycombe WanderersWycombe | 8 | 4 | 2 | 2 | 16 | 13 | 3 | 14 |
| 10 | Stevenage | 10 | 4 | 2 | 4 | 8 | 7 | 1 | 14 |
| 11 | Peterborough UnitedPeterborough | 10 | 4 | 2 | 4 | 16 | 18 | -2 | 14 |
| 12 | Exeter CityExeter | 8 | 4 | 1 | 3 | 9 | 6 | 3 | 13 |
| 13 | Bolton WanderersBolton | 8 | 4 | 1 | 3 | 13 | 13 | 0 | 13 |
| 14 | Reading | 8 | 4 | 1 | 3 | 12 | 12 | 0 | 13 |
| 15 | Charlton AthleticCharlton | 9 | 4 | 1 | 4 | 9 | 9 | 0 | 13 |
| 16 | Wigan AthleticWigan | 9 | 3 | 3 | 3 | 9 | 5 | 4 | 12 |
| 17 | Rotherham UnitedRotherham | 9 | 2 | 4 | 3 | 7 | 10 | -3 | 10 |
| 18 | Bristol Rovers | 9 | 3 | 1 | 5 | 10 | 15 | -5 | 10 |
| 19 | Northampton TownNorthampton | 8 | 2 | 2 | 4 | 10 | 13 | -3 | 8 |
| 20 | Leyton Orient | 9 | 2 | 2 | 5 | 9 | 12 | -3 | 8 |
| 21 | Crawley TownCrawley | 8 | 2 | 1 | 5 | 5 | 12 | -7 | 7 |
| 22 | Burton Albion | 8 | 0 | 4 | 4 | 9 | 16 | -7 | 4 |
| 23 | Shrewsbury TownShrewsbury | 9 | 1 | 1 | 7 | 6 | 15 | -9 | 4 |
| 24 | Cambridge UnitedCambridge | 8 | 0 | 1 | 7 | 6 | 16 | -10 | 1 |
| > League One Full Table | |||||||||
