Wolves showed Bruno Lage the door at the start of the month and have so far not managed to find a replacement.
Davis is in interim charge and the Molineux outfit were thrashed 4-0 at home by Leicester City on Sunday, leaving them sitting second bottom of the Premier League standings.
Keys feels that Wolves are now in big trouble in the battle to survive in the Premier League, while he also thinks the chairman’s comments about no outstanding candidate to take over at present will not have been words Davis wanted to hear.
He wrote on his blog: “I’m pleased to see Leicester winning again – but Wolves are in trouble. Big trouble.
“I wonder how Steve Davis felt when he was given the job until the end of the year because his chairman doesn’t believe there are any ‘outstanding’ candidates for the job.
“Thanks chairman. That’s a real vote of confidence.”
Wolves head to Brentford at the weekend, before then playing host to Roberto De Zerbi’s Brighton.
They are due to host Leeds United in the EFL Cup, while their final fixture before the World Cup break sees Arsenal visit Molineux in the Premier League.
