Mac is Billy's back-up plan
Etherington is out of favour at Upton Park, where he has fallen behind Luis Boa Morte in the pecking order for the left-wing role.
And the wideman is Davies' top target as he looks for someone to provide the ammunition for Steve Howard and new boy Robert Earnshaw in the top flight.
Etherington, however, is not too keen on swapping London for the East Midlands - so if Davies continues to hit a brick wall, he will move for Scotland forward McFadden.
The versatile former Motherwell star, who can play on the wing or up front, is recovering from a broken metatarsal but is expected to be fit for the new campaign.
And Davies is hoping the offer of regular first-team football, something he cannot be guaranteed by Toffees boss David Moyes, is enough to make him Derby's fourth capture of the summer transfer window following the arrivals of Earnshaw, Tyrone Mears and Andy Todd.
.....Now this rumour begs a question - why would Everton let him go when the squad is so bloody thin at the moment????
