Birmingham City striker Nikola Zigic is also doubtful as he is recovering from a groin injury.
Blackpool goalkeeper Mark Howard also produced a superb double save to deny first Davies and then Nikola Zigic.
In other action on Sunday, Nikola Zigic came off the bench to earn Valencia a 1-0 win at Racing Santander.
The match was well into injury time when England midfielder Wilshere took out Zigic's standing leg with a wild lunge.
Zigic had just come on when he intercepted a back-pass by Racing defender Pablo Pinillos before rounding Antonio Tono to score.
Brmingham manager Alex McLeish had intended to withdraw Alexander Hleb in place of striker Nikola Zigic but opted to replace Bowyer instead.
Blues boss Alex McLeish threw on strikers Nikola Zigic and Matt Derbyshire in a bid for his side to get an equaliser.
"I just want to say that I mistimed the challenge on Zigic and accept that I deserved to be sent off, " he said.
The visitors scored inside four minutes when Carlos Tevez hooked in, only for Nikola Zigic to poke in David Bentley's low free-kick for a precious equaliser.
Zigic came on for Spanish international striker David Villa, who limped off with a hamstring strain and looks doubtful for upcoming World Cup qualifiers next week.
Valencia's David Villa hit the bar and Nicola Zigic appeared to be pulled down in the box, but Atletico prevailed and will face Liverpool in the last four.
But there was controversy as Valencia had a penalty shout turned away in the 85th minute when Zigic appeared to be hauled down by Antonio Lopez inside the area.
Birmingham beat West Ham in the Carling Cup semi-final in January and their victory on Sunday, courtesy of Nikola Zigic's 65th-minute winner, lifted them out of the bottom three.
Valencia coach Unai Emery was sent off for protesting against the decision, with Zigic running over to the goal-line referee to show off his shirt, which had an enormous hole across his chest.
Striker Villa hit the underside of the bar with only David de Gea to beat before the goalkeeper made a reaction save from Nicola Zigic's point-blank header and then tipped over another effort.
Valencia stormed out of the blocks in the second half and quickfire goals from David Silva and Nikola Zigic put them in front, before Houssine Kharja drew the Italians level from the penalty spot.
Birmingham boss Alex McLeish brought on the lofty Zigic to give his side an aerial threat in attack and the move eventually paid off in dramatic fashion as he helped set up the late leveller for Bowyer.
In addition to what looked like clear handball and offside infringements, the goal might also have been ruled out for a foul by Zigic on Rio Ferdinand as he went up to meet a ball put in by Roger Johnson.
Winger Bentley, a threat throughout on the left and right, drove a low free-kick into the box and as the defenders looked on, Serbian Zigic poked out a foot to get the slightest of touches for his third goal of the season.
Former Rangers manager Alex McLeish has been vocal in his desire to sign him for Birmingham but has cooled his interest after handing a new contract to Scotland striker Garry O'Connor and this week signing Serbian striker Nikola Zigic from Spanish side Valencia.
"He didn't want to harm the player but he caught him and it's difficult to complain after as he touched the ankle of the player, " added Wenger, whose side recovered from Zigic's headed opener to secure victory through a Samir Nasri penalty and a Marouane Chamakh strike.
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