Nothing will happen however, until the club has found new investment, and until then, the fear is that some players may be sold.
Manchester City's versatile Aussie midfielder Danny Tiatto is one player linked to a move, but Gray admits that with United in the bottom three, some players may be put off.
"We don't know if we will be able to bring anyone in during the transfer window," said Gray. "I have been having a look at it but what you have to remember is that in our position it is not a great attraction for players.
"Even players that are available might look elsewhere."
And Leeds legend Peter Lorimer says Leeds face an impossible task unless they can sign at least three new players.
"Without the squad being strengthened, I think Leeds are going to have major problems staying in the Premiership because it's all about having a squad and a lot of quality," said Lorimer.
"We've had to fall back on lads like Lucas Radebe and David Batty, who have been great servants to the club, but you cannot expect them to play 40 games a season, not with the way the game is played nowadays.
"If you could keep them fit, along with Dominic Matteo, then they would have a fighting chance. But age and injury problems are major problems Eddie has faced and it's made things difficult.
"Now we learn Mark Viduka could be out because his father is ill. When things are going against you, these things happen when you least need them.
"Mark has been Leeds' most consistent player in recent weeks and trying harder than he has ever done since he arrived at the football club.
"But if you haven't got the personnel then you are in trouble. It's why Eddie needs at least three players, a centre-back, a quality midfielder and another striker because you can't keep asking Mark to play on his own up front, to come in and give Leeds a chance."