Davis, who spent 13 years as part of the Grizzlies' management team, was found dead in his apartment by team personnel accompanied by police, The (Memphis) Commercial Appeal reported.
Police told the newspaper that while the cause of death wasn't known, foul play was not suspected.
Better known as "Double-D," Davis oversaw player development programs focusing on educational programs and one-on-one mentoring.
"Dana Davis was one of the original members of the Grizzlies management team when we originally purchased the team in 2000 and moved it to Memphis," team owner Michael Heisley said in a statement.
"As well as being an integral part of the team that made that transition successful, 'Double-D' was the most charitable and generous individual I have ever met."
Davis was also a member of the board of directors of the National Civil Rights Museum.