The Green Bay Packers traded Davis to the Raiders on Wednesday, league sources confirmed to ESPN.
The trade was first reported by NFL Network.
Davis caught five passes for 78 yards and a touchdown, had one carry for 18 yards and a 17-yard punt return in the Aug. 22 preseason game that was played on the shortened field in Winnipeg, Manitoba.
The 2016 fifth-round draft pick from Cal caught one pass for 28 yards so far this season but has been used primarily as the Packers' returner. He has a career average of 11.2 yards on punt returns and 22.6 yards on kickoff returns. In 31 career games, Davis caught just nine passes for 122 yards and one touchdown.
The Packers on Monday claimed a returner, cornerback Tremon Smith, off waivers from the Kansas City Chiefs. Smith ranked fourth in the NFL last season with a 26.8-yard average. The Packers also have a budding return specialist in rookie receiver Darrius Shepherd, who handled both punts and kickoff in the preseason.
The Packers had seven receivers on their roster before the trade.
Raiders return specialist Dwayne Harris sustained an ankle injury Sunday. Meanwhile, if Davis plays for the Raiders on Sunday, it would be his second consecutive game against the Vikings, who just played at Green Bay on Sunday.
ESPN's Paul Gutierrez contributed to this report.