The duo will be honored before the Cubs host the Cardinals on Thursday evening.
Davis, 19, hit .305 with eight homers, 30 RBIs and 33 runs in 50 games at South Bend this season. He also had a .381 on-base percentage and .907 OPS.
Davis was slowed by two right finger injuries that cost him significant time in July and August. The Cubs selected him in the second round of the 2018 amateur draft.
Abbott, 23, went 8-8 with a 3.01 ERA and 1.12 WHIP in 26 starts at Tennessee. He led the Southern League with 166 strikeouts and 146 2/3 innings, and his ERA, WHIP and opponents' batting average (.210) each ranked fourth.
The Cubs selected Abbott in the second round of the 2017 amateur draft.