The Gunners have clocked up three wins and two losses under the stewardship of the duo, and finished the campaign in tenth place.
But as the club look to build ahead of the 2013/14 season, Davies believes Scott could have a role to play.
"Steve and I feel very comfortable with each other in that our objectives short term are to make sure the culture moves to one that is intolerant to failure," Davies told STV.
"That is even down to how we conduct pre-season training. We want there to be a real quality feel to it from a players' perspective.
"Steve has been part of those conversations from the beginning. He and I are planning, simply on the basis that we are in charge at the moment and we will continue to be so until somebody tells us differently.
"It is eminently possible that Steve will be there leading the structure. My view is to make this as easy for the players and Steve as we possibly can, and play what is right in front of us.
"The number of people who are of the quality that can make a real difference are few and far between, so we want the right person. If it takes a wee bit longer, then that is okay."
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