The Alex Academy product's contract expired at the end of last season. He has spent most of the summer on trial at Premier League side Sunderland and any potential deal will see the League One outfit receive compensation for their development of the player, due to him being under the age of 24.
Davis told Crewe's website: "Max is at Wolves and Kenny (Jackett, Wolves manager) rang to say they were taking a look at him. There is no timescale on it and at the moment they are just allowing him to train there.
"I haven't heard anything else from Wolves, Max or his agent. All we can do is wait and see. I haven't got involved and we would only get involved if a decision is made on him further down the line."
The 19-year-old forward has scored 16 times in 92 appearances since coming through Crewe's famed youth set-up.
Davis added: "We hope it works out for him but if it doesn't then the door is open for him here. We will always welcome him because he has been at this club for a long time and is one of our Academy graduates."
Crewe have also confirmed winger Angelo Balanta is on trial at the club. The 24-year-old is a free agent following his release from QPR and he scored for the Alex in their fixture with Rocester on Monday night.