Davies has failed to win a 1500m medal at successive major events
David Davies could quit the pool before the 2012 London Olympics to concentrate on the 10k open water.
The Welsh swimmer says the 2010 Commonwealth Games may be the final major championships he competes in his favoured 1500m freestyle pool event.
He admits: "The Commonwealths in Delhi could be my last major finals in the pool if I don't perform the way I want.
"If I can't see myself performing in the pool at London 2012, it makes sense to drop it and focus on open water."
Davies failed to win a World Championship medal in his specialist 1500m freestyle event this year for the first time since making his debut in 2005.
The 24-year-old was catapulted onto the world stage by clinching Olympic bronze at the 2004 Athens Games when he broke the European record.
But the 2006 Commonwealth champion failed to win a podium place at either the 2008 Olympics in Beijing or at this year's World Championship in Rome.
Davies, though, is impressing in the 10k open water event which is new to the Olympic schedule.
I was third in Athens, second in Beijing and I want to be number one in London
British swimmer David Davies
The long-distance specialist won Olympic silver behind Maarten van der Weijden in the 2008 Games in just his third open water test.
Now Barry swimmer Davies concedes his long-term swimming future could be outside rather than indoors.
"There's a massive opportunity for me at London 2012," said Davies.
"I'd love to go for both events and love to win two golds in different events but it is all about performance and getting the best result possible - and that could be just the case of performing in the open water.
"I was third in Athens, second in Beijing and I want to be number one in London.
"After the dust settled on my silver medal in Beijing and allow the result to sink in, I realised my silver medal was a fantastic achievement as I was inexperienced.
"I was very proud of what I did and thrilled for the guy who won, who had an amazing story coming back from cancer and who almost died five years ago but came back to win Olympic gold.
"After Beijing I needed to rest mentally and physically. I went back to the drawing board with my coach and things needed to be addressed.
"I've done the same thing for too many years. I've dropped off the pace in the 1500m and I desperately want to get back up there.
"I wasn't strong enough, I wasn't fast enough and I'm not athletic enough. I've gone to the gym and tried to up my speed work.
"I've dropped four seconds off my 400m personal best and eight seconds off my 800m personal best but couldn't back up my endurance in the 1500m at the World Championships.
"But everything I do is not geared for the 2009 World Championships, it's for London 2012."
Davies competed in four disciplines at the Worlds in Rome, qualifying for three finals as well as competing for Great Britain's 4x200m relay team in their heat as they successfully reached the final.