Rangers manager Steven Gerrard is reportedly interested in bringing Davis back to Ibrox.
Davis, a boyhood Gers fan, made a total of 210 appearances, scoring 22 goals, for the blue side of Glasgow before joining Saints for their first season back in the Premier League in 2012.
Since signing for Southampton, Davis has made 223 appearances for the club, scoring 14 goals during his seven stellar years of ongoing service.
However, the Northern Ireland captain has found his time limited under former manager Mark Hughes this season and now Hasenhuttl looks set to shake up the Saints squad in an attempt to avoid relegation from the Premier League.
Davis has made no secret of his desire to play for Rangers again before retiring. Now, at 33-years-old, it appears this could be his time to return.
According to the Scottish Sun report, Saints could be willing to let Davis leave on a free transfer as a thank you for his role at Southampton.