The Whites have lost Eirik Bakke and Seth Johnson for the rest of the season and there are now doubts over captain Dominic Matteo as he struggles with a hip injury.
Wilcox has trained for a month and played his first reserve team game against Aston Villa in late March.
"Last week was a bit too early for Jason, he's somebody I will consider but he has only just come back into full training," Gray said to the official Leeds website.
"He's doing very well to say that he had a long term injury, he's come back well and he's a fit lad anyway. He always trains well and it won't take him long.
"I think he will be fit enough to play before the end of the season, we just have to see how he responds to training because there is only reserve game left between now and the end of the season, that's on May 10th and it's a bit late then."
Wilcox is out of contract at Elland Road at the end of this season.