Davis, who turned 26 in February, rushed for 514 yards and four touchdowns on 112 carries last season -- all career highs -- while serving as the Seattle Seahawks' No. 2 back behind Chris Carson and ahead of first-round pick Rashaad Penny.
His season highlights included a 101-yard, two-touchdown performance in a Week 4 win over the Arizona Cardinals while Carson was sidelined.
The Seahawks claimed Davis off waivers in 2017 from the San Francisco 49ers, who drafted him in the fourth round (126th overall) out of South Carolina in 2015. The Seahawks re-signed him to a one-year, $1.35 million deal last offseason after declining to tender him as a restricted free agent, which allowed Davis to negotiate with other teams as an unrestricted free agent.
The Seahawks were not expected to make it a priority to re-sign Davis as insurance this offseason given their first-round investment in Penny and Carson's breakout 2018 season.
Davis averaged 4.2 yards per carry during two seasons with Seattle and has a 3.7-yard average in 35 career games.
Davis' impending deal with Chicago was first reported by NFL Network.
ESPN's Brady Henderson contributed to this report.