The former England international striker is prepared to wait for his chance to be appointed Trotters boss.
The centre-forward, 39, announced his retirement in September last year and is now preparing for life after hanging up his boots by taking his coaching badges.
The ex-England international, who won his only cap for the Three Lions against Montenegro in October 2010, is a fan favourite at former club Bolton.
Davies spent 10 years with the Trotters following his release from Southampton in 2003. After scoring 74 goals in 351 games and helping Bolton qualify for European football in successive years, Davies is held in high regard by fans and remains in contact with club officials and directors.
Bolton will ply their trade in League One next term for the first time since 1992-93 after an awful campaign in the Championship. Struggles on the pitch have been replicated in the boardroom, with the club coming close to liquidation before Dean Holdsworth’s takeover in March.
With the club managerless heading into the next campaign, former player Phil Brown has been tipped to take charge. However, Davies has not ruled himself out of being appointed the new boss.
When asked if he could see himself as Bolton head coach he told Sky Sports: "Maybe. A lot of people are asking me what the next step for me is and I’m not 100 percent sure. I’d like to make sure I am qualified, so my license assessment is coming up in a couple of weeks and hopefully I should pass that but I’m hoping to gain a bit of experience at the (Bolton) academy.
He added: "They’re in League One now, it’s not the club that it once was, they’re not Premier League. It’s going to be hard for them to attract players now and to keep hold of them. I know a few of the players down there are not looking to sign (new) contracts and that’s what they’re facing now. There’s a lot of competition in the area.
“Of course I have strong feelings for the club. I was in with (club director) Jimmy Phillips and Peter Reid and we were talking and looking at the tactics board and I felt quite at home and I enjoyed having a 10 minute conversation before I went on television.
“So I would like to get in that environment and give it a go. I’m sure I could offer something and if it’s not with Bolton, I’ve already had a couple of other people speak to me and if it’s the route I want to take I’ll go into it 100 percent. I’ll work all the long hours and hopefully I’d be able to make a success of myself and who knows where that could lead to?”