The movement of both Bent to Charlton Athletic and Davis to the Black Cats will free up resources for Town boss Joe Royle to spend on new signings to challenge for promotion to the Premiership in the new season.
Confirming the news to the Official Club Website, Chief Executive Derek Bowden confirmed: "If Kelvin does move - and that will be down to him - the Club would be in a position to move quickly into the transfer market.
"At the moment, even with Darren Bent joining Charlton, we have little room for manoeuvre until we know where we stand with the four out of contract players.
"But if Kelvin agrees personal terms with Sunderland then we could move into the transfer market virtually immediately and there will be money available for Joe."
Tommy Miller, Shefki Kuqi, Jim Magilton and Fabian Wilnis are all yet to agree new contracts at the club whilst Drissa Diallo and Pablo Counago are not being offered new deals by the club.