Davis was carted off the field in last Sunday night's victory over the New England Patriots with a quad injury.
Coach Bruce Arians said on Wednesday that he expected Davis to miss significant time with the injury. Davis joins fellow cornerback Sean Murphy-Bunting on IR. Murphy-Bunting has been sidelined since Week 1 with a dislocated elbow and also isn't expected back anytime soon.
The Buccaneers signed veteran cornerback Richard Sherman last week. Sherman ended up playing 58 of 59 defensive snaps against the Patriots in his debut, contributing seven tackles and a fumble recovery in the victory.
Davis started the Buccaneers' first four games and has an interception, five passes defended and 15 tackles this season.
The Buccaneers did not announce a corresponding move and now have an open spot on their 53-man roster.