Promoter Eddie Hearn revealed he made an offer for Theophane to take on Davies at The O2 in June, with 'Two Tanks' eager to battle a member of Floyd Mayweather's 'Money Team'.
But Theophane (pictured) has played down talk of a clash with the fellow Londoner as the Las Vegas-based super-lightweight is pursuing another world title shot after being stopped by Adrien Broner when he battled for the WBA belt.
"I'm glad I spotted him when he was an amateur because he's a good fighter and I'm pleased for him that he's doing well," Theophane told World Boxing News.
"I saw his knockout of Derry Mathews but have never watched a full fight of his. I know he trains hard though.
"He's one of five boxers from the UK that have mentioned my name, including Frankie Gavin, Jack Catterall, Tyrone Nurse and Robbie Davies Jr.
"I understand why these guys want to fight me. I remember being the same when I was younger, I'd call out those in front of me, but I lose no sleep over it.
"I'm not going to fight any of them unless they are world champions and if I can fight in Vegas then why would I want to go back to the UK?"
Ricky Burns puts his WBA title on the line in a unification clash with IBF champion Julius Indongo on April 15 and Theophane is targeting the winner.
"If you look at Burns, he had three defeats and has become world champion again," said Theophane."Sometimes the boxing fans can judge boxers badly when we take losses but it's all about learning and when you lose to the best there's no shame in that."
Davies has swiftly hit back at Theophane by suggesting the 36-year-old is "British level" and insists he has more chance of challenging Burns.
"When you look at Ashley Theophane's boxing record, it's quite clear to see that he's not at world level yet," Davies told Sky Sports.
"He's been beat by every world class contender that he's faced. Not long ago he was a British champion and I feel like he is a British level fighter.
"I'm not someone to look down on and I feel like he's looking down on me. But if you look at the governing bodies, I'm ranked above him.
"I'm more talked about right now in boxing than he is, even though he's been in the game a lot longer than I have. There is zero per cent chance of him fighting Ricky Burns.
"I actually think I've got more chance of fighting Ricky Burns. Ashley Theophane will be one of the last names on the list, below me."
