The Smethwick-born Wolves midfielder, 19, has started all six league games since arriving from Molineux in October, and will now remain with the Saddlers until November 13 as they look to build on Saturday's 2-1 win over Exeter.
Hutchings said: "David has done very well for us. He's an energetic player who has fitted in really well.
"We're grateful to Mick McCarthy and Wolves for allowing us to extend his loan and I'm sure he will continue to play his part in the coming weeks."
Wolves do, however, hold an immediate recall clause should they require Davis' services.
Source: Team Talk
Source: Team Talk