Gray, 19, was born and bred in Birmingham, and has been on the books with his hometown club since the age of ten, making his way up through the ranks before becoming a first-team star.
With six goals in 43 games last season, the teenage winger became a Championship sensation, and he has continued to impress with his pace and dribbling ability this term.
An England Under-20 international, Gray is destined for the Premier League, and reports from BBC Sport on Saturday suggested that Leicester City had agreed to pay the £3.7m release clause in Gray's contract, and that he underwent a medical with the Foxes yesterday.
Now though, The Mirror report that Everton are set to hijack that bid, by also activating the £3.7m release clause, which could give Gray a huge decision to make.
The Toffees have used the likes of Arouna Kone and Kevin Mirallas out on the left of midfield, but neither have consistently impressed, and with Steven Pienaar and Aiden McGeady seemingly forgotten about, manager Roberto Martinez may be looking at Gray as a solution out wide.
With both Everton and Leicester ready to pay up for Gray, the winger appears to be on the move this month - but whilst it seemed like he was destined for the King Power Stadium just 24 hours ago, he may yet end up at Goodison Park.