Vogel will lead the Lakers in the upcoming NBA season after Luke Walton left Los Angeles, where it has been six successive campaigns without playoff basketball.
The Lakers have boosted their postseason and championship chances by luring Davis from the New Orleans Pelicans to team up with superstar James.
Vogel knows he is facing big expectations entering his first season and in a Q&A with NBA.com, the former Indiana Pacers and Orlando Magic coach said: "Talent-wise, they're the two best players I'll ever have had the opportunity to coach.
"That brings a lot of fun, a lot of excitement to what we're able to do on the court. It brings a lot of challenges too. You have to make sure you're managing them the right way and putting them in the right positions to feel good about their roles and what's happening around them. There are challenges involved with that. So I'm looking forward to how that all is going to play out."
Vogel replaces Walton, who parted ways with the Lakers after three seasons and just one with James.
Walton and James built a 20-14 record before the 15-time All-Star missed five weeks due to injury.
Vogel acknowledged some of the concerns that coaches have when it comes to leading James, but said he is not relying on the three-time NBA champion's past relationships with coaches to determine how the two will bond on the court.
"I only know how he's been with me. That's the only measuring stick I'm going to use," Vogel said. "I'm not going to look at how it's been with his past coaches. That really doesn't concern me. I want to shape my own opinion of him as a person and one of the greatest ever. I'm going to take my approach and work together with him to hopefully do something special."
As for Davis? Vogel explained that it will be important to determine whether the six-time All-Star plays forward or center.
"To me, he's effective in both positions. But I don't think it's wise when your mindset is to be at your best going into the playoffs, to have him banging with centers for 82 games full time," Vogel added. "Does that mean he's never going to do it in the regular season? No, of course he's going to play some center in the regular season. But we want to make sure we keep the end goal in sight and getting him to April, for that playoff run, the right way."
Vogel said despite the high expectations, he is prepared for whatever this season may bring.
"We have the pieces to compete for a championship. To have expectations that it's all going to come together immediately might be reaching a little bit," Vogel said. "I'm sure we’ll have some bumps in the road. But hopefully as these guys gel … we have a number of guys with terrific resumes, but they have to learn each other. And they'll have to learn each other quickly.
"Then we'll be in the mix for the regular season and positioning ourselves for a playoff run. You just never know how quickly that process is going to play out. So hopefully, whatever the regular season looks like, by the time you get into the playoffs you're gelling at the right time and playing your best basketball."