Forest manager Davies has already served a two-match suspension enforced by the Football Association after accepting a charge of "using abusive and/or insulting words and/or behaviour towards the Match Referee after the fixture".
The 49-year-old was banned for a further three matches for "deliberately making contact" with official Anthony Taylor, but an appeal hearing is now set to take place on March 19.
A FA statement read: "Nottingham Forest manager Billy Davies has lodged an appeal against a three-match touchline ban imposed on him by an Independent Regulatory Commission, following an incident of misconduct in relation to his side's game against Leicester City on 19 February 2014.
"Davies has already served a two-match touchline ban after admitting one charge of misconduct for using abusive and/or insulting words and/or behaviour towards the Match Referee after the fixture.
"However, he has appealed against the Independent Regulatory Commission’s decision that he also deliberately made contact with the Match Referee following the fixture, which amounted to improper conduct.
"An Appeal Board will convene on Wednesday 19 March 2014 to consider the appeal.
"His three-match touchline ban has been stayed until the outcome of the appeal and Davies will, therefore, be eligible to return to the touchline for Forest’s fixture against Doncaster Rovers this Saturday (15 March 2014)."
Davies was angered by Taylor's decision not to send off Leicester defender Wes Morgan for a foul on Forest striker Jamie Mackie.
Morgan was booked for the offence, but remained on the pitch as Forest took a 2-1 lead from the subsequent penalty, although Leicester did go on to equalise in the closing stages despite the dismissal of defender Paul Konchesky.
