8:52pm: The Cubs like Davis, but don't want to part with much in a trade, according to Jeff Wilson of the Fort Worth Star-Telegram (Twitter link).
Davis, 24, has the makings of a slugger, but has struggled to realize his potential. He has 39 homers in 872 big league plate apperances, which projects to 25 or 30 over the course of a full season. Davis has a .248/.300/.459 line in parts of three major league seasons and he strikes out in 32% of his plate appearances.
The Rangers claimed O'Day off of waivers from the Mets in 2009 and saw him develop into a valuable cog in their bullpen. The sidearmer has a 1.99 ERA with 7.6 K/9 and 2.2 BB/9 in 117 2/3 innings for Texas.