Fagan last week stepped down as Lions coach after sealing a rare premiership three-peat.
The 65-year-old and his wife Ursula want to return to Victoria to spend more time around family after an incredible 10 years at Brisbane where he turned the club from cellar dwellars to a powerhouse.
Fagan has flagged he wants to remain in the football industry, surely piquing the attention of plenty of clubs, including Carlton, who want to put more support around Josh Fraser.
Asked if he'd spoken to Fagan, Davies joked: "Certainly willing to trade a first-round pick for Chris Fagan if he comes on the market."
Fraser, 44, is entering his first full season as head coach after winning the role through a stunning performance as caretaker.
Pressed on plans to get more senior support around Fraser, Davies again brought up Fagan.
"We're definitely looking at the way that we build out the remainder of our footy program at the moment," Davies said.
"Rob Priestley, our president, Graham Wright as CEO, have been really clear that they want to bring the best available people into our club, and we're thinking about that in a number of different positions in our footy department at the moment.
"And I imagine the next two or three weeks we'll finalise what that needs to look like into the future.
"But when someone like Chris Fagan leaves his club and says that he wants to come back to Melbourne, we'd be derelict in our duty if we weren't open to what that might look like.
"But that's not just Chris, that's other people in the market as well. We've definitely got to put some support around Josh, what we think is the best support for Josh in the future."
The Blues have brought in former Sydney key forward Joel Amartey, 27, as a free agent and hold interest in GWS half-back Lachie Whitfield, 32, via trade.
Davies wouldn't be drawn on whether the Blues were all in on contending for a flag next year, after reaching an elimination final in 2026.
"We're all in on getting better, and we'll look at any mechanism," he said.
"... Ultimately, we need to bring in more good players to our club, establish a culture that is going to allow us to be successful in a sustainable way in the future."
