As it stands, the 31-year-old's current deal at Pride Park is due to expire in June, which would make him available for a free transfer.
However, Clough has insisted that the midfielder is a "very important member of the squad" at Derby.
"Ben has done really well when we've called on him this season. We've said it before - he's a model professional with a fantastic attitude and someone for our young players to look up to," Clough told the club's official website. "With that in mind, we've begun having a chat with Ben about keeping him around next season.
"He's a very important member of the squad and he's got the ability to make an impact whether he starts or comes off the bench, so hopefully we'll get something sorted soon."
Davies joined Derby from Notts County in 2011.