Newcastle United have been forced back into the market after losing two of their most important central midfielders this summer, with Sandro Tonali and Bruno Guimarães both completing high-profile departures.
That has left the Magpies needing fresh options through the middle of the park before the window shuts.
While talks over a move for Manchester City's Nico González continue to progress, Newcastle have simultaneously stepped up their interest in Gray, according to the Daily Mail.
The 20-year-old has already shown flashes of his quality since arriving at Tottenham, meaning any deal is unlikely to be straightforward.
According to the same report, Spurs have placed a significant valuation on the England Under-21 international, with his price tag reportedly rising as high as £60million. Gray's versatility also means he is capable of playing at right-back in addition to his usual midfield role, adding to his appeal for Newcastle should they decide to pursue a formal move.
Newcastle's interest in Gray is not new. The club had a bid rejected by Tottenham earlier in the window, and a proposed swap deal involving Gray as part of a package for Sandro Tonali was also turned down before Tonali eventually completed a permanent move to north London instead.
Since then, Tottenham have further strengthened their own midfield with the signing of Mateus Fernandes, pushing Gray further down the pecking order and potentially reopening the door for suitors.
Gray captained Spurs in their Premier League season opener at Brentford and has continued to draw praise for his composure and maturity despite his age, having previously come through the ranks at Leeds United before a £30million move south. Whether Tottenham are prepared to sanction a sale, and at what price, remains the key question as Newcastle weigh up whether to firm up their interest with a formal approach before the transfer deadline.
Manager Matthias Jaissle has already overseen the arrivals of Amar Dedic and Lukas Horníček this summer as part of a broader rebuild, but the losses of Tonali and Guimarães represent a significant blow to the balance and experience of his midfield options heading into the new campaign.