The actor, who plays Alaric on the CW drama, recently won a lead role in drama pilot Cult, which would also potentially air on the network.
"While it's true I will be shooting the new CW pilot Cult, please know, Alaric's journey... is far from over," he wrote on Twitter.
"The CW has been gracious enough to allow me the opportunity to play two amazing characters simultaneously on their network... Assuming Cult gets picked up."
Davis will be a series regular on Cult but is expected to return to The Vampire Diaries for guest appearances.
Other stars attached to Cult include Robert Knepper (Prison Break) and Alona Tal (Supernatural).
The pilot has been written by Rockne O'Bannon, whose previous credits include The Twilight Zone, Farscape and V.
The third season of The Vampire Diaries continues on Thursdays at 8/7c on The CW.
> Vampire Diaries Ian Somerhalder: 'Damon could never kill Stefan'
Watch a clip from the next episode of The Vampire Diaries below: