With the legal tampering period set to begin Saturday, the Colts and the cornerback aren't close to a contract agreement, The Indianapolis Star's Stephen Holder reported Friday.
According to the report, the sides are "relatively far apart in negotiations."
Beginning tomorrow, the exclusive window for teams to negotiate with their own free agents ends. If other teams bring heavy offers to Davis' door, it could stall or derail talks between he and the Colts.
However, general manager Ryan Grigson has yet to close a deal with Davis, his most important defensive free agent.
Davis sits at No. 13 overall in Around The League's top 101 free-agent list and is the third overall cornerback left on the market.
The Colts have plenty of salary-cap space, so even if Davis hits the open market, it's not sayonara, but it won't make it any easier to retain him, either.
Indy can't afford to watch its best, young, physical corner walk out the door with little else left behind to fill the void.