James has been ruled out with left ankle soreness, while Davis remains sidelined after showing flu-like symptoms during Tuesday's defeat to the Cleveland Cavaliers, though the Lakers have said it is not COVID-19-related.
After a poor start to the season in which they lost 10 of their first 12 games, the Lakers went on a run of 8-2 from their next 10, before going down to the Cavs last time out.
Davis (27.3) and James (25.8) are comfortably their team's top point-scorers this season, with Davis in particular thriving of late, scoring a combined 99 points in recent wins at the Milwaukee Bucks (44) and Washington Wizards (55).
James has been his usual influential self recently, making 17 rebounds against the Cavaliers, tied for the third-most in his career in a single game and the most in any road game.
In a further blow to coach Darvin Ham, Patrick Beverley has also been listed as doubtful for the game against the Raptors due to right knee soreness.