Davis will begin work Friday, the day after Bobbie Thomas of Harrison County resigns from the five-member panel.
Parole Board members must be confirmed by the Senate, and the position is a fulltime job.
Davis served two terms in the Senate before losing a re-election bid in the Republican primary in 2011.
When Bryant was lieutenant governor from January 2009 until January 2012, he appointed Davis as chairman of two key Senate committees. Davis first headed the Universities and Colleges Committee then moved up to chair the budget-writing Appropriations Committee.
Davis recently served as assistant vice president of First Security Bank.