Davis has managed just five games so far this season, contending with a left hamstring injury which left him out of action for three months.
With the veteran now facing another long stint on the sidelines, Giants interim coach Mark McVeigh conceded that Davis might not return this season.
"It's a sad one because of what he's been through," McVeigh said post match.
"He rehabbed really well through a pretty bad injury to get to this point again. He's got a lot of training in behind him after he got back. He was able to play VFL, played extremely well last week.
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"It's heartbreaking for our club to potentially lose him for the rest of the year. You'd probably clearly think that's going to happen."
Davis, who has played 192 matches across his career, is out of contract at season's end. The key defender is a beloved Giant, with McVeigh not speculating on his future in the game.
"It's a hard one to answer. The appropriate people will have those conversations," McVeigh said.
"Phil is someone that is very resilient and can manage and rehab injuries really well and he's had some bad ones over the years. From my point of view, I've valued who he's been for the club for a long period of time.
"I am not even sure of his contract status to be honest. It's a hard one."