He told the Las Cruces Sun-News Monday the pair became academic casualties after the spring semester, and have been informed they will lose their scholarships.
"This isn't a basketball issue right now. It's a life issue," Theus told the paper. "If I have anything to do with it, they will be here getting their education in the fall."
Mitchell, a junior from San Antonio, was the Aggies' second-leading scorer last season. He started 29 of 30 games and averaged 14.1 points.
Davis, a sophomore from Detroit, averaged 6.2 points in 30 games.
The paper reported that Theus has signed eight recruits for next winter.
Millions of Getty images now available for free via embed tool
Ray Liotta sues skin care company over use of likeness