Life's Too Short features a fictional version of Davis dealing with a career on the wane, a crumbling personal life and a mounting tax debt.
Davis sais that much like Gervais and Merchant's earlier comedies The Office and Extras, there's quite a bit of sadness mixed in with the wacky celebrity cameos and spoofs of Davis's career.
"The personal life I have in the series is very different; Warwick is going through a messy divorce. He had a great career, but now it's on the slide. He's not getting any work. He's got a huge tax bill," Twitch quotes him as saying.
Davis continued: "We just watch this poor man's life falling apart. He's his own worst enemy [because] he's got a huge ego; much bigger than I have, if that was at all possible.
"He craves fame and attention and gets annoyed when someone doesn't recognise him from a film he's been in. It's what you expect from Ricky and Stephen."
Davis added that while Life's Too Short is not a sequel to Extras or The Office, the programme does reference quite a bit of Gervais and Merchant's prior work.
"There's a lot of meta levels of reality. We see some characters that we'll know from Extras in Life's Too Short, but they're actors and they're sending themselves up in the same way," he explained.
Rosamund Hanson, who plays Davis's assistant in Life's Too Short, recently defended the show against claims that it's too controversial by insisting that Gervais and Merchant don't truly belittle anyone.
Life's Too Short airs on Thursdays at 9.30pm on BBC Two in the UK. The show premieres in the US on HBO in 2012.
> Ricky Gervais 'planning Sean Connery retirement home comedy'
> Liam Neeson: 'Ricky Gervais will shake up Golden Globes'
Watch a clip from Life's Too Short, featuring Johnny Depp, below: