The Sunderland boss is poised to make a seven-figure offer for the 34-year-old striker despite being told he was not for sale last week.
O’Neill is short on firepower and worries that if he does not recruit at least one front man in the next 48 hours, his side could slip back into the relegation mix.
Wanderers are reluctant to lose Davies, who has been a loyal servant since arriving on a free transfer in 2003, and are steadfastly refusing to contemplate a loan deal.
Whether their stance will soften with a hard cash bid from the North East remains to be seen. But speaking at the weekend, O’Neill declared his intention to contact Coyle again about the once-capped England international.
“I think that obviously the concern is that come Wednesday morning and the transfer window closes - that's it,” he said “On top of that, we've got a couple of injuries to contend with.
“I'm delighted with Fraizer Campbell coming back into the team and scoring and that helps enormously.
“But I still think we should have a look at the transfer market even if we're unable to do something.
“I think we'll have a good look at the transfer market and try to bolster the squad.
“As far as the Kevin Davies situation is concerned, I don't really want to comment, but it is something we'll be looking at over the next few days.”