I will stress this is from UNC player Twitter feeds and for all I know they could be screwing around. However, given some other things I have heard, this is probably legitimate:
First up John Henson:
@ldrew2 they say @eddavis32 announcing his return this week...
Next Larry Drew:
RT @johnhenson31 @ldrew2 they say @eddavis32 announcing his return this week... <--- yuuup, i think friday after his meeting w/ **THE MAN**
The standard "nothing is concrete until you hear it from UNC" disclaimer is in play. What we do know is Ed Davis' wrist has not healed as quickly as they had hoped and he went back into the cast. That obviously creates a significant delay which Davis likely cannot overcome to be ready for the NBA Draft process. Not to mention the deadline for withdrawal is now May 8th and there is little chance Davis can know by then whether he will be able to effectively workout by the end of May. Based on that alone, the odds are that he stays.
For all the old hands here at THF who have endured many a draft watch, you know the drill. Trust nothing unless it comes from the horse's mouth.