Davis was tested Monday, and his results came back Tuesday. The 60-year-old has been retested for the virus and is awaiting the outcome. If those results are positive, Davis will miss the Rebels' first two contests of the 2020-21 campaign as he isolates at home.
Assistant coach Ronnie Hamilton will serve as Ole Miss' interim bench boss if Davis' positive COVID-19 results are confirmed.
"The team is going through contact tracing, and those found to be a close contact will go into quarantine per medical guidelines," the school said in a statement.
Davis is the latest college basketball head coach to test positive for the virus. Syracuse's Jim Boeheim and Michigan State's Tom Izzo are in isolation after recently contracting COVID-19.