The 55-year-old is ranked 50th in the world and reached the quarter-finals at the Crucible in 2010.
And Davis maintains he still has the desire to play on the professional circuit for as long as possible.
“If I was a boxer I would be advised on health grounds not to go any further,” he said.
“The only thing that gets hurt as a snooker player is your pride, so as long as you can handle that you can carry on for as long as you want.
“I said I will retire when my ranking is higher than my age, but now I don’t have so many ranking places to play with, so like every good politician I have to reassess my original statement.
"The challenge is how long I can stay a professional before I am effectively given the sack by the new brigade, how long can I push back the tide.
“Barry Hearn actually challenged me to make it until I’m 60 and that is a great target to aim for. Who knows I could be the only player on the tour applying for a bus pass!
“I have a hobby mentality towards snooker. If I looked at it as a profession, I would have to ask myself some serious questions as to what the hell I was doing with my life.
"But actually I do still enjoy the game, I love playing. If I lose I’m disappointed , but I look at the kid that’s beaten me and say ‘I’m older than your father, you should beat me!’”
The World Seniors Championship takes place on October 27 and 28 at the Mountbatten Centre in Portsmouth and will feature Davis, Jimmy White, Dennis Taylor, Cliff Thorburn and Joe Johnson amongst others.