Gray missed the weekend defeat to Swansea due to a virus, but caretaker manager Sean McAuley could put the former Sunderland left-back straight back in against the league leaders.
The Owls have failed to score in their last six league games - they have lost their last five - and McAuley is expected to make several changes for his second match in charge.
Francis Jeffers was a half-time substitute against Swansea and could return to the starting line-up if McAuley opts to shake-up his forward line, while Frank Simek and Tom Soares, on loan from Stoke, are hoping to play bigger roles.
Wednesday, chasing their first league win in 11 matches, have no suspension troubles, but midfielder Tommy Miller is still out with a hamstring problem.
Newcastle boss Chris Hughton is confident skipper Alan Smith will be fit.
The former Manchester United midfielder picked up an ankle knock in Sunday's 2-0 derby victory over Middlesbrough, but is expected to be available.
Striker Shola Ameobi, who suffered a similar injury in the same game, trained on Wednesday and should also travel.
Fellow frontman Andy Carroll is also available for selection after sitting out the derby through suspension, while Marlon Harewood could play for the final time before his loan spell draws to a close.
Joey Barton (foot) remains the only long-term absentee, and he is on schedule to return to action towards the end of next month.
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