The 18-year-old joined the Lilywhites in a £30m move in the summer transfer window after bursting onto the scene with Leeds United, reportedly earning glances from Bayern Munich and Manchester City in the process.
Gray's versatility was a key component of his game at Elland Road, and he has already demonstrated his adaptability in North London, playing as a right-back, centre-back and central midfielder in his early days under Ange Postecoglou.
However, the 2006-born teenager is very much on the fringes of the first team, making just seven appearances in total and amassing a mere 33 minutes in the Premier League through four substitute outings.
Gray's only starts so far this term have come in the Europa League and EFL Cup, but he could make the first XI for the third continental game running when the Lilywhites host AZ Alkmaar on Thursday.
Sevilla 'working' to bring Gray to Spain
Spurs still regard Gray as a promising prospect for the future, and the England Under-21 international has a contract in North London until the summer of 2030, but a loan move elsewhere for the second half of the season has not been ruled out.
According to Mucho Deporte, Sevilla sporting director Victor Orta - who worked as Leeds' director of football between 2017 and 2023 - has shown an interest in reuniting with the teenager in Spain.
Orta knows Gray well from his six years at Elland Road, and the report claims that Sevilla have started to assess the feasibility of a deal, although Tottenham are not expected to let him go easily.
Head coach Garcia Pimienta is supposedly keen on signing a midfielder of Gray's profile in the winter market, though, having tried and failed to poach Sergi Roberto after his exit from Barcelona.
Furthermore, Sevilla still have one space in their squad remaining for a non-EU player, with two of those three spots currently taken up by Marcao and Brighton & Hove Albion loanee Valentin Barco.
Tottenham's history of loaning players to Sevilla
Should Tottenham relent and allow Gray to go on loan to Sevilla for the second half of the season, he would be following the path that a couple of other Spurs youngsters trod before him.
The Lilywhites poached Bryan Gil from Sevilla before sending him back to Los Palanganas in 2022-23, where he enjoyed better fortunes with two goals and three assists in 24 games, although it did not help him reignite his Spurs career.
Last term, Postecoglou also sanctioned a temporary move to the Estadio Sanchez Pizjuan for Argentinian striker Alejo Veliz, but the 21-year-old's time at Sevilla was truly forgettable; he played just six times and totalled a paltry 31 minutes.
Spurs could therefore be forgiven for being hesitant to send another one of their talents on loan to the perennial Europa League winners, and given Gray's incredibly useful versatility, Postecoglou may very well want to keep him around for the second half of 2024-25.