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 | Wycombe WanderersWycombe | 15 | 11 | 2 | 2 | 35 | 18 | 17 | 35 |
| 2 | Wrexham | 16 | 9 | 4 | 3 | 25 | 11 | 14 | 31 |
| 3 | Stockport CountyStockport | 17 | 8 | 6 | 3 | 29 | 17 | 12 | 30 |
| 4 | Birmingham CityBirmingham | 14 | 9 | 3 | 2 | 26 | 15 | 11 | 30 |
| 5 | Huddersfield TownHuddersfield | 15 | 8 | 2 | 5 | 23 | 15 | 8 | 26 |
| 6 | Barnsley | 16 | 7 | 5 | 4 | 24 | 20 | 4 | 26 |
| 7 | Lincoln CityLincoln | 16 | 7 | 5 | 4 | 23 | 20 | 3 | 26 |
| 8 | Reading | 15 | 8 | 2 | 5 | 24 | 22 | 2 | 26 |
| 9 | Bolton WanderersBolton | 15 | 8 | 2 | 5 | 24 | 25 | -1 | 26 |
| 10 | Mansfield TownMansfield | 14 | 7 | 3 | 4 | 20 | 16 | 4 | 24 |
| 11 | Exeter CityExeter | 15 | 7 | 2 | 6 | 14 | 13 | 1 | 23 |
| 12 | Peterborough UnitedPeterborough | 16 | 6 | 3 | 7 | 32 | 29 | 3 | 21 |
| 13 | Bristol Rovers | 16 | 6 | 3 | 7 | 17 | 21 | -4 | 21 |
| 14 | Charlton AthleticCharlton | 15 | 5 | 4 | 6 | 16 | 17 | -1 | 19 |
| 15 | Stevenage | 16 | 5 | 4 | 7 | 11 | 16 | -5 | 19 |
| 16 | Northampton TownNorthampton | 16 | 4 | 6 | 6 | 18 | 21 | -3 | 18 |
| 17 | Wigan AthleticWigan | 15 | 4 | 5 | 6 | 13 | 12 | 1 | 17 |
| 18 | Rotherham UnitedRotherham | 16 | 4 | 5 | 7 | 14 | 19 | -5 | 17 |
| 19 | Blackpool | 16 | 4 | 5 | 7 | 22 | 30 | -8 | 17 |
| 20 | Crawley TownCrawley | 17 | 4 | 4 | 9 | 15 | 27 | -12 | 16 |
| 21 | Leyton Orient | 15 | 4 | 3 | 8 | 14 | 18 | -4 | 15 |
| 22 | Cambridge UnitedCambridge | 15 | 3 | 3 | 9 | 13 | 24 | -11 | 12 |
| 23 | Shrewsbury TownShrewsbury | 16 | 3 | 2 | 11 | 16 | 29 | -13 | 11 |
| 24 | Burton Albion | 15 | 1 | 5 | 9 | 15 | 28 | -13 | 8 |
| > League One Full Table | |||||||||
