The forwards have been vital to the Spireites' success this season and neither would have made the squad had last weekend's game at Bury survived the weather.
Davies, leading scorer with 14 goals, has a hamstring problem. It is not as serious as first thought and the extra rest could be a blessing for boss John Sheridan.
Morgan always targeted the Torquay game for a return after being sidelined for the second time this season by a groin injury.
Jack Hunt has recovered from a virus but fellow on-loan full-back Kelvin Lomax has returned to Oldham after suffering an ankle injury.
Midfielder Derek Niven comes back into the reckoning after a three-match suspension.
Source: PA
Source: PA