Barnes sustained a foot injury in the play-off final against West Brom at the end of last season.
Davies said: “Obviously Giles coming back is like a huge signing for us, without a doubt.
“He will add more fire power to our side.
“We’re trying to get this young lad, in particular, in our side and keep him here for a number of years and continue his progress.”
He added: “We’ve got to try and build on this squad and we don’t want to lose anyone but there comes a point in time where a certain figure is offered and that stops all bets.
“That happens right across the world in every single club in every single league.
“Then, hopefully, there’ll be a time for Giles Barnes and Derby County to part company and we’ll move on to the next chapter of our lives.”
