Davis passed away in New York on Thursday (July 19) after a long battle with throat and neck cancer.
The comedian is perhaps most widely known for his writing partnership with Al Franken on the original Saturday Night Live. He co-wrote many of the show's early recurring characters such as Steve Martin's 'Theodoric of York' and 'The Coneheads'.
Michaels, who hired Davis in 1975, honoured the writer's contributions to Saturday Night Live in a statement to Reuters.
"He was there from the beginning. No one saw things the way that Tom did," Michaels said. "He was funny, he was original and he was always there to help, no matter the hour. And I always trusted his laugh. I can still kinda hear it."
Al Franken, who is now a US senator for Minnesota, also said that he spoke with Davis's mother after learning of his writing partner's death.
"She recalled fondly all the laughter that would come from the basement when Tom and I first got started in comedy," Franken said.
Seth Meyers, Jay Mohr, Horatio Sanz, Jeff Richards, Alan Zweibel and Michael McKean were among the past and present Saturday Night Live stars to share their own condolences on Twiter.
Roseanne Barr, Chappelle's Show co-creator Neal Brennan, comic Paul Provenza and Daily Show co-creator Lizz Winstead also paid tribute to Davis's comedy legacy on the social networking website.
Davis was 59 years old at the time of his death.
Watch a 'Franken & Davis Show' sketch from Saturday Night Live below: