Gray, 18, burst onto the Championship scene in impressive fashion this season, bagging six goals in 41 league games to help the club out of relegation trouble and to a 10th-place finish.
His promising performances are said to have attracted the attention of a whole host of top-flight clubs, with the likes of the Daily Mail and Goal.com naming Liverpool, Newcastle United, Tottenham Hotspur, West Ham United and arch rivals Aston Villa among the potential suitors.
Championship winners Bournemouth also saw a £5 million offer knocked back in the winter transfer window but, with the teenager’s current deal having less than 18 months to run, are said to be preparing a further summer bid.
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However, Blues manager Gary Rowett has stressed in recent weeks that the club are under no obligation to sell their star prospect, despite his contract situation, and Gray himself has now added that he has no problems with spending another campaign in the second-tier.
“As far as I am concerned I am happy at Birmingham, I am at home, I am playing for my local team, I can’t really complain,” he told the newspaper. “If anything happens we will just have to wait and see, no-one knows what the future holds - all I can say is I am happy at Birmingham.
“I will be 19 by the time next season comes round but listen, playing first team football at any age, especially being a youngster, is good.
“I want to play at the top level like any player but wherever I am I just want to be playing games.”