Shorey is still under contract with Aston Villa despite spending last season on loan at Fulham.
“It would be a no brainer for us to look at Nicky if he was available,” Davies told the Nottingham Post.
“If he is somebody we could possibly sign, then we have to look at it.
“He is a player with obvious quality and there is no question he could do a job for us while he was here. He would be a good addition if it could be done.”
On Reynolds, he said: “I have spoken to Craig to clarify that he is not somebody we are interested in.
“He may be a decent player, but he is not on our list of targets.”