Coleman said: "If the situation arose that Sean wanted to rejoin us and we could afford it, then we'd want him. We want good players and Sean is a good player.
"Sean is a Fulham boy who was with the club from the top division to the bottom division. If he did sign then it wouldn't take long for him to win the supporters around - just a few performances."
Davis followed Louis Saha out of Craven Cottage and Coleman revealed he told both players they should stay at Fulham where they were revered by fans, management and team-mates.
"He went to Tottenham and found it difficult to break into the side, not because he's not good enough - he can match anyone there in my view - but because sometimes things don't work out.
"When you're the top man and a big favourite and want to move up, it doesn't always work out. The jersey can get heavier at other clubs and players have to take that into consideration.
"Sean can hold or push, just like [Papa] Bouba [Diop]. Sean has good legs and is incredibly fit, so I don't think that would be a problem," he said.
Meanwhile, Cardiff chairman Sam Hammam clarified the Tony Warner situation: "He becomes a Fulham man when offices open in the New Year.
"Technically Tony is on loan, but the move is ready."