Davis began the 2020-21 season with the Raptors. With Toronto, he appeared in 34 games (four starts) and averaged 6.9 points, 1.9 rebounds and 1.1 assists in 14.5 minutes. On March 25, Davis was traded from the Raptors to the Kings for a second-round pick. He made his team debut March 27 against the Cavaliers. In 18 minutes, he posted six points, two rebounds, two assists and one steal. In Davis' 27 appearances with Sacramento, he averaged 11.1 points, 3.3 rebounds, 1.7 assists and 1.0 steals in 21.5 minutes. Overall, between both the Raptors and Kings, he shot 42.8 percent from the field, 36.7 percent from three and 81.8 percent from the free-throw line. Arguably his best performance of the season was May 11 against the Thunder. In 31 minutes, Davis posted 27 points (9-15 FG, 5-7 3Pt, 4-4 FT), five rebounds, three assists and two steals. That was one of his six performances with at least 20 points.

Davis went unclaimed in the 2019 NBA Draft, but after he made an impression in the NBA Summer League, the Raptors signed him to a two-year contract. The Ole Miss product proceeded to provide impressive production off the bench for Toronto, appearing in all 72 games (four starts) during the pandemic-shortened 2019-20 campaign. In just 16.8 minutes per game, Davis averaged 7.5 points, 1.3 threes, 3.3 rebounds, 1.6 assists and 0.5 steals; on a per-36-minutes basis, that's 16.2 points, 2.8 threes, 7.1 boards, 3.4 assists and 1.2 steals. Davis proved to be an efficient shooter from all over the court, posting a 45.6 field-goal percentage while shooting 38.8 percent from three and 86.4 percent from the free-throw line. He scored in double digits 26 times and cleared 20 points four times. Given a chance to start Jan. 8 against Charlotte, the rookie racked up 23 points and a season-high 11 rebounds for his first career double-double. Nine days later, he scored 23 again, this time off the bench in just 23:38 on the court against Washington. On Feb. 2, Davis delivered his highest-scoring game at the NBA level so far, going 12-of-15 from the field with a personal-best six threes en route to 31 points against the Bulls. Davis went on to make six appearances for the Raptors during their 11-game playoff run, averaging 7.2 points and 2.2 rebounds across 14.0 minutes. He made his NBA postseason debut in Game 1 of the first round against Brooklyn, scoring 11 points with four rebounds in just 12 minutes. Davis added another 14 points with four rebounds and two assists in the deciding Game 4 of that series. Following the regular season, he was named to the All-Rookie Second Team.