Chairman David Cardoza has told BBC Northampton that Gray must deliver next season, or else, following relegation.
"We're probably, in revenue terms and turnover terms, the biggest club in the division," said Cardoza.
"We will probably have the biggest wage bill in the division. So I fully expect us to be promoted next season and I won't be happy with anything less."
Cardoza also criticised his manager's policy of making so many loan signings and has indicated that recruitment for next season will be focussed on non-league clubs.
"I would certainly like Stuart to look down that route, not just on the basis that they're cheap but you can get younger players, you can turn them into better players and they can grow with the club.
"I can't decide that we take on 17 loan players. At the end of the day I can supply the bullets but I don't fire the gun.
"It's not just his choice, he doesn't take decisions just like that," added Cardoza. "We talk about it - but what's gone is gone and let's look forward but we certainly won't be taking on that many loan players next season."