One league insider told The Washington Post the Redskins might choose an incentive-laden, multiyear deal with Davis, who is set to become a free agent while working his way back from surgery to repair the left Achilles tendon he tore in October.
Davis started just seven games last season after ending the 2011 campaign under suspension after violating the league's substance abuse policy.
The injury was ill-timed for Davis, who is certain to see a reduced payday from either Washington or another suitor. The fifth-year pro hauled in 24 catches for 325 yards last season after the Redskins slapped Davis with the $5.5 million franchise tag. That figure leaps to $6.5 million if he's tagged again.
It's logical the Redskins would feel more comfortable pursuing a deal that reflects Davis' future production.
If another team swoops in, the Redskins would need a tight end. The free-agent pool offers options including Jared Cook of the Tennessee Titans, Dustin Keller of the New York Jets and Martellus Bennett of the New York Giants.
Follow Marc Sessler on Twitter @MarcSesslerNFL.