The Villans have endured a disappointing start to the campaign, picking up just ten points from their first 11 games.
That sees them sitting just two points outside the relegation zone and ten points behind Birmingham and Bristol City in the final two play-off places.
It has already seen Robert di Matteo lose his job, with Steve Bruce coming in as his replacement this week.
The former Hull City boss is a specialist at getting teams promoted and Gray believes it is not too late for it to happen again.
“It’s not too late for Villa, not this season,” he told talkSPORT. “You know the Championship - if you get four wins from five and you’re in the top eight all of a sudden.
“There’s still an opportunity for Villa to get into the top six, and if they do that then who would bet against Brucey taking them to another promotion via the play-offs?”
If Aston Villa are to make the play-offs this season then there is no denying they will have to start picking up points quickly.
Last season the final play-off spot was taken by Sheffield Wednesday, who had amassed 74 points.
If Villa are to pick up a similar tally they will need 21 wins from their remaining 37 games, which would be some run of form, to say the least.
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