The 29-year-old striker returned to Crawley on loan in January having left Broadfield Stadium for Bournemouth in 2011.
Gregory is now keen to bring Tubbs back to the club for the 2014-15 campaign, but he admits that money issues could scupper any potential switch.
"We are still talking with Bournemouth about Matt," he told The Argus. "I'd like to think he wants to come back but it all comes down to finances.
"It is up to them if they ask for a fee but if they do then, with respect to Matt, I don't think there will be a huge queue of clubs wanting to sign him as there is his salary on top."
Tubbs scored eight goals in 18 games for Crawley last season.