The Rams are in the process of negotiating a settlement with the experienced centre-half to terminate his contract.
His current deal at Pride Park still has two years left to run, but Derby chairman of football Adam Pearson is confident an agreement can be reached.
"We have been negotiating for a while now," he said. "It was an extremely long contract, which needed to be addressed, and it was not going to be a straightforward deal.
"Hopefully, we might be able to sort something by the end of the week."
Davis, who joined Derby from Sheffield United in the summer of 2007, is currently away on international duty with Jamaica.
He is due back in England on Friday, though, and admits he is keen to bring an end to the distracting saga.
"I'm none the wiser than anybody else about my future," he said.
"I'm not back from Jamaica until Friday so we will see what happens when I return."