Coach Chuck Pagano says Davis hurt his knee. Toler sat out with a groin injury.
The Colts (13-5) will need both to have a shot of upsetting New England (13-4) in Sunday's AFC championship game. The tandem played a key role in shutting down Peyton Manning and the Broncos' high-scoring offense in last weekend's AFC division-round win.
Indy also practiced without starting inside linebacker D'Qwell Jackson, who took his customary day off. Starting outside linebacker Erik Walden (knee) was a limited participant.
Pagano says he expects all four to start Sunday.