Fryatt spent two months on loan at Hillsborough earlier in the season before returning to Hull City, and Gray has conceded that he is unsure whether Steve Bruce would be willing to let the striker leave.
"I think Matty enjoyed it here. But, at the end of the day, he's Hull City's player," the Wednesday boss told the Sheffield Star. "I don't know whether Hull are going to offer him a new contract. I imagine Matty now is hoping to get in the FA Cup final team.
"I think Matty's got the ability to be up around that 20 mark, as long as you're providing the service and chances for him.
"Matty will have a decision to make."
Fryatt came off the bench to score for Hull in their FA Cup semi-final victory over Sheffield United on Sunday.