Earnshaw, 28, has been linked with a £3m move to Newcastle United, and Boro have also shown interest, but Davies told BBC Radio Nottingham he was not interested in selling.
Davies: "There's been no official approach. We're looking to bring in defensive players, not lose anybody."
Earnshaw was signed by Davies when the Scot was manager of Derby but the Wales forward barely played.
As for Newcastle ... Mike Ashley is set to sell this club and NO WAY is he going to dish out £3m on anyone.
The Toon owner has not bought one single player this summer - selling TWELVE - and he won't change his ways when he has a buyer knocking on his door.