The Reds have endured a quiet summer regarding new recruits, with the much-maligned acquisitions committee yet to back their manager where it matters.
A lack of activity has left Davies frustrated, as he knows he must add if Forest are to build on last season's success.
One area he is looking to strengthen is his defence, with a left-back a top priority.
Shorey would be a shrewd acquisition, having shone during a loan spell at the City Ground last season, but Davies accepts that striking a deal for the former England international will be far from easy.
"If Nicky Shorey does not get a Premier Division club and there is a possibility that we can do something; if there is a possibility that he could still become available, either on loan or permanently - then until that door closes on us, he remains an option," he told the Nottingham Evening Post.
"He is one of several players that I have recommended for that position."
Forest are also keen to bolster their attacking ranks, with Cardiff's Peter Whittingham reported to be a top target.
Sheffield Wednesday's Jermaine Johnson has also been mentioned, but Davies is keeping his cards close to his chest when it comes to creative options.
"If we want the play-offs, we need three to five stellar signings," added the Scot.
"It would be unfair for me to discuss players on that wish list. We should be signing players up and then discussing them."