Sheffield Wednesday could be tempted to look to the European market in the summer transfer window.
Wednesday have funds to spend to strengthen their squad following the takeover of Dejphon Chansiri, but they are still keen to make sure they do their business in an efficient manner.
Gray has admitted that purchasing British players can be difficult, due to their inflated fees, and he has hinted that he will consider bringing in players from across the continent.
"It is common knowledge that the British players who are in contract seem to cost a fortune,” said Gray. “It turns out the cheaper options are overseas.
“You’ve got to make sure you do your homework and have always got one eye on what’s out there. If they are going to be better than the players we have got already got at the football club, it would be foolish not to consider them.”
Wednesday are reportedly looking at appointing a European scout to help increase their knowledge base, to ensure that they purchase the right type of player.
The Owls do not currently have strong links across the continent, but they are hoping to develop them and reap the rewards in the future.
They have already brought in the likes of Sergiu Bus and Felipe Melo from European teams and this appears to have been an indication of their future plans in the transfer market.
If Wednesday do dip into the British pool of talent over the summer, it seems that they are more likely to join on loan, rather than on a permanent basis, unless a cheap transfer can be agreed.