Fraser is still suffering the effects of a strained posterior cruciate ligament, sustained in the Hall of Fame Tribute Match, while Davis is carrying an ankle injury.
"Both boys at this stage will miss," assistant coach Guy McKenna said on Thursday.
Key forward Anthony Rocca could also remain sidelined as he recovers from an ankle injury.
The 30-year-old hasn’t played since round nine.
"He’s doing more each week so that’s a week-by-week proposition but he’s missed a bit of footy so we need to get as much footy in to him as best we can," McKenna said.
Coupled with their injury woes, the Pies must do without Travis Cloke who was suspended for one match earlier in the week.
But despite their depleted personnel, McKenna insists that the young playing group is eager to take on the third-placed Bulldogs.
"We’re certainly thin on the decks but the boys are pretty keen for the contest and can’t wait," he said.
As for who will replace the trio, McKenna said those possibilities would be discussed at the selection table.
"There’s a few in the mix that have been playing pretty well down in the VFL," he said. "Danny Stanley, Shannon Cox … obviously Cameron Wood for Josh Fraser will certainly be well and truly in line. Sammy Iles has also been in good form.
"So again it’s all those players who are down at that VFL level with good attitudes, good performances. You put your hand up, you end up picking yourself."
