However, the actor - who played the Fifth Doctor from 1981 to 1984 - claimed at fan convention MystiCon that he does not expect to play a role in the celebratory 3D special airing later this year.
"I've got a meeting with the head of BBC Wales... to go through various things the BBC have got planned," Davison said. "I don't think she's going to offer me a part in it... I might be wrong."
He added: "I honestly don't know very much. I know that Steven Moffat will have something planned. I don't think it will involve the older Doctors, certainly in their present form, because of course we're meant to look exactly as we did when we left the TARDIS and none of us really do."
Davison suggested that the 50th special - to be directed by Nick Hurran - is more likely to incorporate past Doctors through the use of archive footage.
"I think we'll be featured somewhere but I should think it's probably footage lifted from older Doctor stories," he said. "I don't know [for sure]."
Doctor Who will return to BBC One for a new eight-episode run on Saturday, March 30.
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Watch Peter Davison's last Doctor Who appearance in the special 'Time Crash' below: