Davis has been left behind for Wolves' pre-season trip to Ireland this week, with Barnsley hoping to land the player.
The 23-year-old has fallen down the pecking order at Wolves and Jackett is willing to let him move on.
"David has stayed behind because we don’t want to risk anything as one or two clubs are showing an interest," said Jackett.
"Something could develop today or tomorrow so we didn’t want to risk bringing him out here if we had to send him back."
Meanwhile, Jackett has confirmed that there has been no interest shown in out of favour duo Kevin Doyle and Stephen Ward.
The Republic of Ireland internationals remain surplus to requirements at Molineux and have not been included in the first-team squad for the trip to Dublin.
Doyle and Ward had spells out on loan at Queens Park Rangers and Brighton respectively last season and both clubs were thought to be keen on signing the pair permanently, but as yet there has no developments on their futures.
Nothing has happened on either of them - there has been no contact from any club.
Jackett added: "Both are just coming back and working hard at pre-season and no loan moves are imminent - nothing is on the horizon.
"No one is phoning us about these guys and as we stand, they won't be travelling with us to Ireland."