The 18-year-old academy graduate has enjoyed a superb breakthrough season with his boyhood club and has been one of the first names on the teamsheet for Daniel Farke's Championship promotion chasers.
Operating as either a midfielder or at right-back, Gray has made a total of 43 first-team appearances in all competitions since and including his debut in August last year.
Only Ethan Ampadu (45) has played more games for the Whites than Gray so far this season, emphasising his importance in Farke's side who sit second in the Championship and only one point behind leaders Ipswich Town with just six games remaining.
Gray signed a new contract at Elland Road earlier this year, penning fresh terms until June 2028, but speculation over his future at the club is still rife amid interest from several top clubs across Europe.
Archie Gray is in demand
Premier League quintet Liverpool, Manchester City, Manchester United, Newcastle United and Tottenham Hotspur have all been credited with an interest in Gray, the latter are said to be the latest club to join the race for his signature.
A recent report claims that La Liga leaders Real Madrid and Bundesliga giants Bayern Munich are prepared to rival English clubs for the teenager and will consider making offers during the summer transfer window.
According to Football Insider, Leeds are keen to keep hold of Gray next season regardless of whether they secure promotion back to the Premier League or remain in the second tier.
However, the report adds that the West Yorkshire outfit will consider selling the teenage sensation if they cannot raise enough funds from the sale of a number of players currently out on loan.
Who could Leeds look to offload this summer?
Leeds currently have a whopping 13 players out on loan this season, although one of those is winger Luis Sinisterra who will join Bournemouth on a permanent deal worth around £20m this summer.
The Whites are said to be expected to accept offers for the likes of Maximilian Wober and Marc Roca, who joined the club last summer but are currently on loan at Borussia Monchengladbach and Real Betis respectively.
Another who could depart is Everton loanee Jack Harrison, although a potential permanent switch to Goodison Park is set to hinge on the Toffees' pending takeover by 777 Partners.
Rasmus Kristensen and Brenden Aaronson, on loan at Roma and Union Berlin respectively, could also be sold on this summer to generate funds.
Leeds will not be receiving a fee for Robin Koch, though, as the defender has agreed to join Eintracht Frankfurt on a free transfer when his contract at Elland Road expires this summer.