Davis is resigned to losing Murphy after a second Wembley success in as many seasons.
"We haven't had any enquiries for Luke, a lot of people have been watching, maybe something might happen in the summer, who knows?" he said.
"He's a very talented lad, we feel he's better than Ashley Westwood because he's a goalscoring midfielder.
"Where he's going to go, I don't know, when he's going to go, I don't know either. I've had no enquiries but I'm sure something will come of that, maybe in the summer. And he'll go with our blessing because he's ready to go. We can't hold on to him forever."