Newcastle want to sign the England Under-21 central defender but Davies - believed to be worth around £9million - is out of Newcastle's price range.
Baggies manager Mowbray has already rejected a £5million bid from Tottenham, and has said: "I am sure that Curtis will stay and will still be a West Brom player come February when the transfer window has closed.
"We have 17 games left to try and get back into the Premier League so it's very important we don't lose our best players.
"There is so much speculation. Last week it was Tottenham, then Newcastle let in seven goals in two games and it's a case of 'let's see who has got a defender, West Brom have got one in Curtis Davies'.
"There is a connection in that the Newcastle coach Nigel Pearson used to be at West Brom but it is probably just another handle to link Newcastle with Davies.
"Like I said, I am sure he will still be here in February."