The defender says his team-mate's goalscoring exploits this season will attract other clubs and feels Garry Monk's side may find it difficult to keep him at the Liberty Stadium
Bony arrived at the Liberty Stadium for a club-record fee from Vitesse last July, and has scored 23 goals in all competitions in his maiden campaign in south Wales.
The 25-year-old's brace gave Swansea a 2-1 win at Newcastle United last Saturday - a result that all but assures their Premier League survival - and full-back Davies believes Bony's form means other clubs are bound to be monitoring him.
"If you're going to be scoring goals at the standard that he is then there is going to be interest," he is quoted by BBC Sport as saying.
"If someone comes in for him in the summer it's going to be difficult for us to hold onto him maybe.
"We really want to keep him here and hopefully he can repeat what he's done for us this year next season.
"He's an incredible player for us and someone who's been exceptional really.
"Someone who gets that many goals in a team that's really been down the bottom of the Premier League is incredible.
"He's great to have around the camp. He's someone everybody here loves playing with and we're all just really happy with him banging the goals in."