The two free agents were invited back to train with the club in pre-season in a bid to secure a deal.
Central defender Cresswell, who ended the campaign at the Jakemans Stadium, has not shown an interest in returning.
But Davies (pictured) may yet be back with the Pilgrims, even if he is not the mystery defender United are hoping to land this week.
“I’ve not heard from Ryan and Ben’s away at the minute,” manager Craig Elliott said.
“But there is still an opportunity for him to come back. I had a text from him saying he’s still interested.”
However, with a number of trialists also catching Elliott’s eye, he says there will be no sentimentality concerning the former Grimsby Town right back.
“He was fantastic for us last season and we would be happy to see him in pre-season,” Elliott added.
“Football moves on and he’d be treated like everybody else.”