Last season the 32-year-old enjoyed his best Premier League campaign, scoring 12 goals, and former Wanderers manager Sam Allardyce is reported to be ready to make a £5m bid to take him back to Blackburn.
Allardyce originally brought Davies to the Reebok from Southampton in 2003 and was credited with resurrecting his stuttering career.
He sees the former Chesterfield forward as an ideal replacement for Roque Santa Cruz, who is on the verge of a big money move to City.
Davies, who endured a frustrating time at Ewood Park in the late 1990s after a £7.5m move from the Saints, only signed a new contract last year and £5m would represent good money for a player approaching the end of his career.
However, Wanderers have no intention of allowing their influential captain to depart, especially to their Lancashire rivals.
No bids have yet been made for the player and Bolton intend to reject any approach as they value hit-man Davies too highly.
Portsmouth midfielder Sean Davis is poised to be unveiled as a Bolton signing next month.
It's understood the club will announce the move once the player's current contract at Fratton Park expires at the end of this month.
"I have given up worrying about what Portsmouth say or do," he said recently.
"I enjoyed my time there, but it is time for a fresh challenge."
Wanderers have also made a bid for West Brom full-back Paul Robinson but will need to increase their £500,000 offer if they want to get their man.
They could turn their attentions to Hull City's Sam Ricketts.
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Mr Wiskas, Swine Town (24/06/2009 at 17:14)