The Premier League leaders are among the sides said to be interested in the exciting winger.
The talented winger is being chased by Premier League leaders Leicester City and Eddie Howe's Bournemouth, and while the Mirror claim that he may decide that he wants to stay at St Andrew's beyond next month, a continuation of their current run - having lost their last three games - would see the 19-year-old push for a move.
While ideally Gary Rowett would probably prefer to dig his heels in and insist that Gray stays put, thus rejecting any approaches from the top flight, the decision is out of his hands.
The Mirror reports that the England U20 international has a release clause in his contract that would allow him to leave for the minimal price, which would drop to £3m if he is still with the club in the summer.
Losing a talent such as Gray - who has one goal and one assist in the Championship this season - would be a significant blow to Birmingham's hopes of remaining among the sides battling it out for promotion.
There is a level of excitement that builds when the youngster gets on the ball, and that would be almost impossible to replace should he leave, especially if they only have £3.75m to do it with.