Hulse, 32, is expected to leave Loftus Road after being left out of their 25-man Premier League squad, and Davis has refused to dampen speculation that they could make a move.
"It's something I'd possibly consider. I know Rob and I know he's a Wistaston lad as well. He's a quality player who has done very well for Crewe in the past," Davis told The Sentinel.
"I know that sometimes it's not good bringing ex-players back as they don't always produce what they did when they were initially here, and he's not played much football lately either. But certainly in the position we are in he would be a decent acquisition to the squad I'm sure."
Hulse made just three appearances for QPR last season.