The 34-year-old forward has lost his first-team place as the Trotters scrap for Premier League survival.
Although Davies did make a goalscoring appearance in Tuesday's FA Cup win over Macclesfield, he will be back on the bench for Saturday's home encounter with Liverpool, when £4million man David Ngog is set to lead the Bolton attack.
Owen Coyle has spoken in glowing terms about Davies over the past few days.
The Scot insists that, on top form, the former England international would be a major benefit to Bolton's chances of avoiding relegation.
However, with his contract due to expire at the end of the season, talks over an extension are yet to begin.
And Davies confirmed he faces an uncertain future.
"I have no idea what my future will be," he told the Bolton Evening News.
"Obviously I am disappointed not to be playing. But my performances haven't been good enough to stay in the team.
"I keep training as hard as I can and when these opportunities come along, try and do my best.
"It's January and there is speculation about all players out of contract. I am no different.
"There has been nothing offered here as yet. I understand the position we are in and there are a few players out of contract.
"In the next few weeks and months I am sure the club will make a decision on those players."
Davies would complete a decade of service in 2013.
However, he knows Bolton are unlikely to be offering too many lucrative contracts until their top-flight future is assured.
Yet Coyle does not believe that uncertainty should present any of his players with a problem.
"I don't see why it would be a concern," said Coyle. "If a player is out of contract, they do one of two things. They either play out of their skins to show their quality to earn a contract. Or, if they are playing well and to a high standard, they will have other admirers as well.
"They are the ones with all the power. That doesn't faze me and it shouldn't faze them. They should see it as a challenge."
Saturday evening's encounter is likely to be the last chance for young keeper Adam Bogdan to prove he is worthy of keeping Jussi Jaaskelainen on the sidelines.
After a nervous start to his first-team career, the 22-year-old has excelled recently, particularly at Manchester United last week when he made a succession of excellent saves, including Wayne Rooney's first-half penalty.
Jaaskelainen is likely to have recovered sufficiently from a thigh injury to be in contention for a return to duty in next week's FA Cup tie with Swansea, leaving Bogdan the chance to build on recent successes.
"Adam has gone from strength to strength this year," said Coyle. "If a goalkeeper makes a mistake, it is a goal, so they need an unbelievable mental strength. He has that. He is destined for a great career."
