The 19-year-old completed his £3.75m move to the Foxes earlier this week.
The winger completed his £3.75m move from Birmingham on Tuesday (via Sky Sports), and joins a Foxes side that sit second in the Premier League table, despite being tipped by many as certainties for relegation at the start of the season.
And Gray conceded that Leicester's form was a major factor in his decision to join, before insisting that Claudio Ranieri's side can remain in the top four for the duration of the campaign.
"That's another thing that crossed my mind when I was thinking about signing for the club," he told Sky Sports.
"No one seems over excited in the changing room everyone understands the position they are in.
"As long as they keep working for each other I don't see how it can go wrong and why the whole team can't push for Champions League next year."
While it is easy to write off Leicester's top four hopes - especially with both Manchester clubs, Tottenham and Liverpool below them - they have been surprising everyone all season, so it may well not be beyond them to pull off one more surprise and secure a place in Europe's premier club competition.
Similarly, Gray's chances of proving an instant success should arguably be written off. Despite his obvious talent, he was often guilty of failing to take opportunities when they came his way for his former club.
Having joined the season's surprise packages however, it would not be a shock if Gray quickly showed that Leicester had bagged a bargain.