West Ham United are seeking a new centre-half signing this week.
Hammers boss David Moyes is also a big admirer of Swansea's Joe Rodon and interest in the player has been expressed. But Tottenham are favourites to land the Wales international for around £18million.
Dawson has been on Moyes's radar for some time and is keen on an immediate return to the Premier League having been relegated with Watford in the summer.
But Davies is a viable alternative and Moyes knows all about him through his strong links to his old club.
Davies and Dawson are much cheaper options than Rodon with Davies, 25, out of contract next summer.