The East Anglian Evening Times says Ipswich are keen on Davis.
The 22-year-old spent last season on loan at AFC Bournemouth, making 15 appearances as he helped the club claim automatic promotion to the Premier League. In January, he was named as Bournemouth's player of the month.
Davis has less than a year to run on his Leeds deal.
The versatile defender has made 14 first-team appearances for Leeds, five of which have come in cup competitions.