Reports suggest Swans boss Michael Laudrup, pictured, may test the Whites’ resolve after seeing two bids for the 24-year-old rejected in the summer.
Wanderers suggested the highly-rated youngster’s value was nearer the £10million mark than the £4million and £5million offered by the South Wales outfit during the close season.
But a renewed £6million bid is in the offing and, while new boss Dougie Freedman rates the precocious talent of a player who netted his fourth goal of the campaign against Ipswich at the weekend, he may also be looking at ways of raising funds for his own foray into the market next month.
Davies is contracted at the Reebok until 2015 and it is understood preliminary talks took place recently over a new deal with a formal offer in the pipeline.
The former Wolves man, who has missed just one game this season – at Blackburn last week – through suspension, admitted in a recent interview that he never considered leaving the Whites after last season’s relegation, despite the firm offer from Swansea and reported interest from Liverpool, Reading and Fulham.
But his form has remained impressive and fans and team-mates alike will not be surprised if he is again linked with a move when the window reopens, particularly if the team does not climb the table into the play-off picture in the remaining games of 2012.
Goals like his stunning opener last weekend only enhance that belief but his colleagues, like former Swansea defender Sam Ricketts, will hope he continues to shine at the Reebok and not elsewhere.
Ricketts, however, accepts that good form will naturally attract admiring glances from clubs in the top flight.
The Wales international said: “I wouldn’t be surprised if clubs are sniffing round him in January but then there are a fair few clubs sniffing round our players.
“We’ve got no need to sell anyone and I think that’s been reiterated by the chairman and the owner and Sparky is one of our best offensive players.
“If we get him on the ball in the right areas then he will hurt teams, just like he did with the goal against Ipswich.
“I didn’t know he could kick the ball that far. It was a really good goal.”