Junior guard Donald Sloan declared for the draft last week but also may return.
Davis, a 6-foot-9 forward, averaged 10.8 points last season and ranked second on the team in re-bounds (6.5) and blocked shots (46).
Elonu, a 6-foot-10 forward, averaged 9.8 points, led the team in rebounding (7.3) and blocked shots (53), and set a school record for field goal percentage (.665) last season. He earned honorable mention All-Big 12 honors. A first-team Academic All-Big 12 selection, Elonu will graduate in May.