Davis hit .196 with 26 homers and 72 RBIs but missed the last portion of the season after being suspended for using a banned amphetamine.
Pearce played well as Davis' backup. The 31-year-old batted .293 with a career-high 21 home runs in 102 games.
The Orioles currently have 39 players on their 40-man major league roster.
The tendered contracts were announced on Tuesday.