Davey, 21, played six times for the Wildcats in 2010 and has been drafted in by Rovers following the departure of Kyle Briggs, who recently left to join Bradford.
Head Coach Daryl Powell said: “He’s quick, he has the ability and confidence to take on the defensive line and break it. He has good defensive qualities and he did a good job at Wakefield. He fits neatly into Andy Kain’s role enabling Andy to operate at stand-off.
“Our hand was forced by the sudden departure of Kyle. The situation is fluid, but meanwhile I feel we have a player who can do a good job for us. We are grateful to Wakefield for allowing us to bring James on board and we are looking forward to playing our part in his development.”