Davies was left out of Barnsley's FA Cup third round tie against Burnley on Saturday after Bolton agreed a £300,000 fee for the 26-year-old on Friday.
Freedman has been a long-term admirer of Davies, who scored Barnsley's equaliser in a 1-1 draw at the Reebok Stadium in November, and is keen to improve competition for places in his squad.
"Goals are something you can always do with," said Freedman in the Bolton News. "My idea is to have a few strikers on the bench. Goals change games and he (Davies) is another option for us.
"Adding him to the squad gives us a healthy number of players striker-wise. We need to add to our attacking options, perhaps wider, but striker-wise we are sitting all right.
"I tried to sign him a couple of years ago but I missed out on him. I have always felt he has huge potential.
"He is starting to fulfil that. He is the kind of character I want around this place. Somebody who has not been there, someone who has not seen it and done it.
"I want someone who is hungry to get there and Craig fits the bill. It's the right price and the right deal and we are working hard to get it done."