Escobar, acquired in trade from Atlanta last season, hit .275 with four homers and 16 RBIs. He agreed to a one-year deal for $2.9 million, the team said in a release.
Davis signed a two-year contract that will pay him $2.5 million in 2011 and $2.75 million in 2012. The five-year big-league veteran spent last season with the Oakland Athletics, batting .284 with five home runs, 52 RBI and 50 stolen bases.
While the Blue Jays' roster continues to take shape, the team has yet to work out a deal with Major League home run champion Jose Bautista.
(Writing by Steve Keating in Toronto; Editing by Steve Ginsburg)