Whaley, 23, joined the Reds on an emergency months loan last Friday and made his debut in the controversy-filled South Yorkshire derby with Sheffield United and impressed, setting up the goal for Kayode Odejayi.
Davey told the Lancashire paper:
"Simon is a player I've admired for some time and he has bags of potential.
"At the moment we are just having a look at him and he is having a look at us. He did well in his first game, played the whole match and his possession play was good.
"We would definitely like to take it further if we can."
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