The Arsenal defender was accused of "assault" by Trotters boss Owen Coyle after the challenge that ended Davies' match.
Referee Alan Wiley amazingly did not award a foul, which happened in the build-up to Arsenal's crucial equaliser.
However, he has told Premier League chiefs he DID see the challenge and because he made the decision at the time, there can be no retrospective punishment.
Bolton have confirmed Davies has not suffered a serious injury as first feared.
And Wanderers skipper Kevin Davies said: "Mark played really well for us and was having a massive influence on the game.
"He is probably our best player on the ball and they had struggled to handle him in the first-half.
"He was causing them plenty of problems and the fact that he was getting fouled quite a lot showed just how much possession he had in central midfield."
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