The 18-year-old is highly rated at St Andrew's and has scored six goals in 37 Championship appearances this season.
According to The Metro, the Gunners would be able to secure Gray's signature in the summer for a fee of £3m.
Gray, also said to be on the radar of Tottenham Hotspur, Liverpool and Everton, has represented England at several youth levels.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Liverpool | 7 | 6 | 0 | 1 | 13 | 2 | 11 | 18 |
| 2 | Manchester CityMan City | 7 | 5 | 2 | 0 | 17 | 8 | 9 | 17 |
| 3 | Arsenal | 7 | 5 | 2 | 0 | 15 | 6 | 9 | 17 |
| 4 | Chelsea | 6 | 4 | 1 | 1 | 15 | 7 | 8 | 13 |
| 5 | Aston Villa | 6 | 4 | 1 | 1 | 12 | 9 | 3 | 13 |
| 6 | Newcastle UnitedNewcastle | 7 | 3 | 3 | 1 | 8 | 7 | 1 | 12 |
| 7 | Fulham | 7 | 3 | 2 | 2 | 10 | 8 | 2 | 11 |
| 8 | Tottenham HotspurSpurs | 6 | 3 | 1 | 2 | 12 | 5 | 7 | 10 |
| 9 | Brentford | 7 | 3 | 1 | 3 | 13 | 13 | 0 | 10 |
| 10 | Brighton & Hove AlbionBrighton | 6 | 2 | 3 | 1 | 10 | 8 | 2 | 9 |
| 11 | Nottingham ForestNott'm Forest | 6 | 2 | 3 | 1 | 6 | 5 | 1 | 9 |
| 12 | West Ham UnitedWest Ham | 7 | 2 | 2 | 3 | 10 | 11 | -1 | 8 |
| 13 | Bournemouth | 7 | 2 | 2 | 3 | 8 | 10 | -2 | 8 |
| 14 | Manchester UnitedMan Utd | 6 | 2 | 1 | 3 | 5 | 8 | -3 | 7 |
| 15 | Leicester CityLeicester | 7 | 1 | 3 | 3 | 9 | 12 | -3 | 6 |
| 16 | Everton | 7 | 1 | 2 | 4 | 7 | 15 | -8 | 5 |
| 17 | Ipswich TownIpswich | 7 | 0 | 4 | 3 | 6 | 14 | -8 | 4 |
| 18 | Crystal Palace | 7 | 0 | 3 | 4 | 5 | 10 | -5 | 3 |
| 19 | Southampton | 7 | 0 | 1 | 6 | 4 | 15 | -11 | 1 |
| 20 | Wolverhampton WanderersWolves | 7 | 0 | 1 | 6 | 9 | 21 | -12 | 1 |
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