The Las Vegas Review-Journal reported construction crews have already broken ground on the home, which will be on a six-acre plot in Ascaya, a private community in Clark County.
According to Eli Segall of the Las Vegas Review-Journal, the house will have a "strikingly similar" design to the team's practice facility and Allegiant Stadium.
The latter is where the Raiders will host the Baltimore Ravens to kick off the 2021 season.
"They're a perfect trio. ... They all have the same character," said longtime local architect Bob Fielden, founder of Henderson-based RAFI Architecture and Design.
Davis' mountaintop mansion lists a valuation of $14 million.
In an interview with Segall, Davis said he has "no idea" when the house will be finished.
Raiders owner gives walk-through of new stadium
Raiders owner Mark Davis gives a tour of Allegiant Stadium in Las Vegas.