The Scot has maintained that his only focus is the upcoming Championship play-offs as the rumour mill north of the border prepares to go into overdrive after a disappointing season at Celtic Park.
One-time Forest man Neil Lennon is in temporary charge after the sacking of Tony Mowbray and despite a Scottish Cup shocker against Ross County has overseen an improvement in league form.
He remains the bookmakers' favourite to take the job on a permanent basis ahead of Davies and the likes of Alan Pardew and Paul Lambert.