Davis made only three starts after arriving from Fulham in the summer before suffering the setback.
He told the Bolton News: "I know I am not going to play again this season.
"To have had an injury for this long, I would rather see it out and be 100% for pre-season.
"Hopefully, if everything goes right, I should be back in April but for me, I don't want to rush it."
Megson added: "Sean is going to be out for a long spell but whether it will be for the season only time will tell. It will be touch and go."