Davis wants a midfielder and striker when the loan market reopens.
He told The Sentinel: "I know Steve from when I was at Stoke as a 16-year-old. I made contact with him on deadline day and tried to do something then, but couldn't quite pull it off.
"However, negotiations are ongoing. Arsenal's players are grounded very much like ours in terms of the way they play. They would fit in nicely with what we do."