Wednesday have been keen to target proven Championship players in January, but their attempts to sign players have proved unsuccessful so far.
The Owls have already tried to sign Nick Blackman from Reading, only to see the forward move to Derby, and they also had a bid rejected for Brentford’s Alan Judge.
They appear to have had more luck in their pursuit of Davies, though, with the midfielder reportedly close to a move to Hillsborough.
Davies has established a reputation as one of the best midfielders in the Championship, and he has also proven his quality at the top level before.
Middlesbrough are also said to be discussing the possibility of bringing Davies in, by the Northern Echo, but Wednesday have moved to the front of the queue in the race for his signature.
Cash-strapped Bolton need to sell in January, and Davies could be one of the first players out of the exit door at the Macron Stadium.