Davies left Pride Park on crutches and with his left leg heavily strapped from thigh to ankle following Saturday's 2-1 win against Plymouth. He went down in some pain early after his studs appeared to get caught in the turf.
Scans will reveal whether the 21-year-old has damaged his knee, his ankle or both and how long he is expected to be sidelined.
Derby are already without Chris Porter until Christmas while he recovers from hip surgery and last week allowed Luke Varney to join Sheffield Wednesday on loan until January. There is no recall clause in the Varney deal which leaves just Rob Hulse and Kris Commons as the only fit strikers if Davies is ruled out.
"If he's going to be out for any length of time we'll need cover. With only two fit strikers we'll attempt straight away to get one in on loan this week," said Clough. "We'll start drawing the list up and making the calls and see what we can do."
Davies has had wretched luck with injuries since signing from Tranmere last summer. He fractured an eye-socket and cheekbone in the corresponding fixture against Plymouth last season and later in the campaign he broke a bone in his foot in training.