The 25-year-old has been in outstanding form this season, making 38 appearances, as The Dons look to secure the last play-off spot and bounce back into The Premiership.
Villa Park manager Graham Taylor sees Davis as an ideal replacement for veteran keeper Peter Schmeichel, who is certain to retire at the end of this or next season.
"I don't know why Aston Villa would want him as an understudy, because they will have to pay £6 million for him," said Dons goalkeeping coach Stuart Murdoch.
Although the Selhurst Park club realise they can not hang onto their star keeper long-term, they are not actively seeking to cash in.
"We are a selling club, everyone knows that, but we don't want to lose Kelvin. He is definitely a good enough keeper to play in The Premiership.
"I have worked with him since he has been at the club and I know he has the strength of character and ability to make the step up to the very top level," concluded Murdoch.
