Manager Gary Megson has been linked with a number of potential summer signings, the most significant being Sporting Lisbon's Miguel Veloso.
His pursuit of the Portuguese midfielder began in January but the £20million asking price brought a swift end to negotiations.
Megson has made another bid for the 23-year-old - reported to be around £10million - but the clubs are still a long way apart in their valuation.
However, Davies believes that is the kind of signing Bolton need to make if they are to take a step up next season, especially as Megson has pledged to play a more open game in future if he can get the players he wants.
"I read the papers and look on a few websites and you see some people were not particularly happy at the end of the season," said the 32-year-old captain.
"But to have played with such a small squad all year and finish 13th, and with clubs like Newcastle United going down, then I think the players deserve a lot of credit for what they achieved.
"We would like to have finished higher, of course, but I don't think we are too far away from doing that with the set of lads we have got here.
"If we can sign a couple of quality players over the summer, just to give us a push in the right direction, then I think we can get into the top 10."
Davies added in the Bolton News: "It is nothing against the lads who are already here but sometimes you just need a bit of quality to come in a change things round a bit; to freshen things up and give you something different.
"If you are training all week and there is someone on your shoulder for your place in the team, then it makes you train that little bit harder.
"We have lacked that in some positions and I'm sure the gaffer will be looking to put it right over the summer.
"We have got a good base here, a good set of lads, and I genuinely think we can start moving forward now."