Davies’ current contract is set to expire at the end of next season, but the Scot is keen to sign a new deal.
“There is nothing at the minute,” said Davies in the Nottingham Evening Post. “But I have said before that we are only part way through rebuilding this football club.
“There is a long way to go still. With a year left on my contract, I will wait and see what happens.
“I have to say that I would thoroughly like to continue the progression of this club over the next number of years.
“I think that is what it is going to take to get us out of this division and where we want to be.
“It is not my decision. I came here on a three-and-a-half year deal, with the clear instruction to get us out of this division.
“In the last two transfer windows, progression has stopped. We still have a lot of work to do. But I would like to continue that progression and work to not only get out of this division, but also to become an established team in the top division.
“I would love the challenge of that. I still believe anything is possible.”