The fans' favourite has reignited a fading Forest outfit by leading them to 13 points from a possible 15 since he returned as boss last month.
And Tuesday night's hard-fought victory over Ipswich at the City Ground moved them to within touching distance of the npower Championship play-offs.
However, Forest struggled to find a way through against a resolute Town side which played with nine men for over 20 minutes and Davies wants to freshen up his forward options.
Strikers Darius Henderson, Billy Sharp and Marcus Tudgay all missed out against Mick McCarthy's men and, when asked whether he would therefore consider a loan switch, Davies said: "We'll certainly sit down and look at that option because we can now see there's a freshness which would help the squad.
"I don't think there's too many midweek games left which is also good and we're currently on the end of a very hard season. These boys have done great to keep working away.
"We'll certainly look at the loan market, I think we have to look at it and see what's there. The chairman has said that's an option for us if we want to use it."
January recruit Henderson was absent because of a knee injury while a chest problem kept Sharp sidelined.
Davies revealed Tudgay, who is recovering from a broken collarbone, will start training with the squad again next week.