If Gray is to be replaced as manager, he will remain on the club's coaching staff.
As reported yesterday, the top managerial target for the Yorkshire-based consortium is believed to be Gordon Strachan.
The new regime, which involves the family of former Bradford City chairman Geoffrey Richmond, hope to persuade Strachan to cut short his sabbatical from football this summer.
Plans to raise funds by the sale and lease-back of Elland Road involving former Watford chairman Jack Petchey are key to any rescue, while the impressive Thorp Arch training ground could also go.