Davies grew up supporting Rangers and spent several seasons on their books as a player during the 1980s.
"I'm very open-minded with regards to the future," said Davies. "I would love to, no doubt, someday manage Glasgow Rangers. Whether it's in 10 years, 15 years - whatever.
"However, for now, I'm desperate to get back to the Premier League. I want to get back there with a club that will financially support its manager, a club that wants to compete at that level and doesn't want to change owners. That's my biggest challenge."