The Black Cats are currently sitting in the bottom three with 13 games remaining.
The Black Cats were busy last month, as manager Sam Allardyce sought to add quality to his squad in their efforts to avoid relegation this season.
He brought in five new players in the transfer window, signing two strikers and two defenders as well as a goalkeeper as he sought to be both add goals to his side, and stop them leaking them at the other end.
And Gray believes that was business well done, adding he believes his old side now have enough to avoid the drop.
“I have been saying for months that Sam needed to get to the transfer window to have a look at where the problems are,” he told Talksport.
“He has done that. I think we have got a real opportunity of getting out of the mess we are in at the moment.”
“We have got goals in us, we are playing better football and we have a manager that has never been relegated from the Premier League. I just think we are going to have enough to stay up.”
If Sunderland are to stay up, it is arguably the defence that will need serious improvement.
They have the worst defensive record in the division so far, having conceded 49 goals in 25 games this season, something which has caused them to struggle considerably.
They have a proven goalscorer in Jermain Defoe though and if they can keep things tight at the back, they would be confident he can win them enough games on his own to help them avoid relegation.