Teague, a 6-foot-2 point guard from Pike High School in Indianapolis, is ranked the nation's No. 2 2011 prospect by Rivals.com and No. 1 at his position. Gilchrist, a 6-6 player from St. Patrick High School in New Jersey, is the No. 3 overall prospect and No. 1 small forward. The 6-9 Davis, of Chicago's Perspectives Charter School, is ranked No. 6 overall and No. 2 among power forwards.
The other finalists are Duke signee Austin Rivers, a Florida shooting guard who is Rivals' No. 1 overall prospect, and North Carolina signee James McAdoo, a Virginia power forward who is ranked No. 8.
All five players have also been selected recently to compete in this spring's McDonald's and Jordan Brand All-American games.
The Naismith winner will be officially announced on March 21 at a banquet sponsored by the Atlanta Tip-Off Club.
Ohio State freshman Jared Sullinger was last year's winner, and the list of past winners includes Dwight Howard, LeBron James, Kobe Bryant and Jason Kidd.
Ron Mercer (1995) is the only former UK player to have won the award.