The playmaker has been out of action since rupturing his cruciate ligament against Peterborough in March but is making good progress and could make a comeback before the end of the year.
It will be welcome news for manager Dougie Freedman, who has struggled to fill the 'number 10' role in Wanderers' side this season after an injury to Andre Moritz left the squad threadbare in that position.
But with Davies' progress and Moritz returning to fitness, the club are hoping it brings about an improvement that will see them lift themselves off the bottom of the Championship table.
Bolton's sports rehabilitator Dave Dean said: "Mark is back on the field doing his final stage work now.
"It will take a few weeks for him to get his fitness back but he's doing really well at the moment.
"He is ahead of schedule but it is obviously not something you can rush. We don't want him coming back and then getting re-injured. We need to make sure."