Gray, who signed for Leicester from Birmingham in 2016, has made 130 Premier League appearances for the Foxes, including 12 in their title-winning season.
It was hoped that the England youth international would become a star, but the Midlands youngster has made three starts this season, often finding himself stuck behind the likes of Harvey Barnes, Ayoze Perez and Marc Albrighton in the pecking order.
It seems as if the 24-year old is on his way out of the King Power Stadium, with The Times reporting that Tottenham Hotspur are interested in his signature.
Gray has one year remaining on his current contract, leading Spurs to believe that they can secure the services of the winger for a cut-price fee.
Should Gray make the switch to the Tottenham Hotspur Stadium, he may find competition for places even tougher, with Heung-min Son, Lucas Moura, Erik Lamela and Steven Bergwijn already fighting for the wing spots – leaving him as little more than a backup option if he were to make the move.
Spurs may be targeting Gray as a replacement for former Championship Player of the Year Ryan Sessegnon, with Sky Sports reporting that Catalan giants Barcelona are eyeing up the 20-year old.
The former Fulham wonderkid has only 12 appearances to his name for Spurs, scoring once in the defeat to Bayern Munich at the Allianz Arena.
Meanwhile, Spurs are still in talks to bring Denmark international Pierre-Emile Hojbjerg to north London this summer.
Much like Gray, Hojbjerg also has just one year remaining on his contract at Southampton, with the former Bayern Munich midfielder expressing his desire to leave the Saints in the summer.
However, should Spurs continue their pursuit of the Danish midfielder, they will have to compete with Everton for his signature. The Toffees have made a bid of £14m for the 24-year old.