The Wales international striker, plagued by hamstring problems recently, has suffered another strain after pulling up in training on Thursday.
He is set to undergo a scan to determine the full extent of the problem, but Bolton boss Neil Lennon thinks his campaign could be over.
“I think we’ve lost him,” Lennon told the Bolton News. “He’s due for a scan and got injured in the warm-up, his hamstring again. I don’t know the full extent but it looks like he’ll be out for a while.”
Davies will be out of contract this summer so his latest injury raises questions about whether the 28-year-old will be offered a new deal at the Macron Stadium.