The rumour mill has gone into overdrive now that Bruce is back behind his desk and Davies is the latest player to be linked with a move to the KC Stadium.
Birmingham will struggle to keep hold of the former Aston Villa defender due to the club's precarious financial situation and a £3million offer would be enough to secure a deal.
Norwich, who are managed by former Blues boss Chris Hughton, are also keen, so Bruce will face competition for the defender's signature should he pursue a deal.
Defence is an area that Bruce is keen to strengthen with proven Premier League players and Wigan's Maynor Figueroa, who is available on a free transfer, also remains a target.
Hull last week