Hutchinson, who retired from football in August 2010 because of a knee problem before returning to the game 18 months later, was sent back to Stamford Bridge for treatment in September.
The 23-year-old was expected to be out for just a fortnight but complications have seen him sidelined for five months.
Davies told the Nottingham Post: "He has started training again, with Chelsea, and we are hopeful he will be back with us shortly.
"He is getting fit and should be back in the squad within 10 days or so.
"Having him back would be a real boost because he is a good player. He has quality. But we need to get him back, to get him fit and then we will see who wants the jersey the most."