Davis, now contracted through to the conclusion of the 2023 season, joined the club as an inaugural captain in 2012 after three seasons at Adelaide.
The veteran managed just five games in 2022 as he dealt with injury, now having played 192 games across his 14 year career.
Davis spoke to club media, admitting that the decision to play on wasn't a quick one.
“The decision to play on has been one I’ve been weighing up over recent weeks,” Davis said.
“While this year didn’t go to plan with two significant injuries, I gained a lot of confidence that I was able to play at a high level and that I could contribute to our team success.
“After speaking with the club and new coach Adam Kingsley, we saw real value for me to play a role again for our backline, both on and off the field, and that made the decision to continue on an easy one.
“Watching our young backline with the calibre of Sam Taylor, Isaac Cumming, Harry Himmelberg and Leek Aleer across this season was a real highlight and I’m looking forward to helping us continue to improve next season.
“Across my football career I’ve always wanted to make sure I leave the club better than when I started, and I believe I can get back to playing some great football for the GIANTS in 2023.”
Davis will be delisted by the club before being re-signed as a rookie selection for the 2023 season. The 32-year-old hasn't played since rupturing his hamstring tendon in Round 17 and undergoing surgery, but is back to running as he prepares to enter a 15th AFL season.