Davors started last season for the NFC champion Carolina Panthers.
Bolden becomes the third cornerback to sign with the Jaguars after they lost Fernando Bryant, who signed with the Detroit Lions. All three -- Bolden, Dewayne Washington and Lewis Sanders -- will compete for the vacant starting left cornerback spot.
Rashean Mathis won the starting right cornerback job as a rookie last season.
A seven-year veteran, Bolden spent the last two seasons with the Atlanta Falcons. Last year, he recovered from reconstructive knee surgery and won a starting job as the Falcons shifted Ray Buchanan to safety.
Favors started 12 of 16 games last season at strongside linebacker and becomes the second member of the Panthers to sign with Jacksonville, joining safety Deon Grant.