Davis is arguably 1 or 2 fights away from a title shot. There are not many rungs past Nogueira. There are still fighters between Nogueira and the champion, but you are getting to the point that you can count them on two hands. I don't think he is ready for a title shot currently, but it could take a year to secure and compete in 2 more fights. By that time, he could be ready. I think he should target someone like Griffin first; and then someone like Evans, Rua, Rampage, or Machida to get force a title shot.
I said yes only on the basis that he gets one more big win under his belt and I mean someone in the top 5 - Machida, Rampage, Evans, Shogun etc If he doesn't have a big win next then no. On paper, after one more big win I think he should however in reality a couple more fights would be good. Lil Nog gave him some good experience, he rung his bell a few times and made Davis have to keep switching up his game plan.