Trotters manager Owen Coyle was furious with the challenge, which went unpunished and came in the build-up to Cesc Fabregas' crucial equalising goal in the 4-2 win for Arsenal.
Coyle described it as more of an 'assault' than a tackle, while Bolton defender Paul Robinson called the incident 'disgusting'.
But it has now emerged that the damage to Davies' ankle is not as bad as initially feared.
The midfielder has not sustained a fracture but it remains to be seen whether he will still face a short spell on the sidelines.
Gallas, meanwhile, will not face retrospective action from the Football Association.
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