The 35-year-old striker, who joined Wanderers from Southampton in 2003, is out of contract in the summer.
Davies signed a one-year deal last year following the club's relegation from the Premier League, but he has admitted that talks have not begun over a fresh deal at the Reebok Stadium.
"This is my 10th season but there is no offer of a contract at the minute," Davies told BBC Sport.
"I think the club are obviously waiting and seeing where we are and if we can get back to the Premier League.
"It's not about me, it's about the club, and I'll keep doing my best until the end of the season."
Davies has scored six goals in 37 appearances this season.