Boss Paul Buckle also says midfielder Matt Richards comes back into his thoughts after responding in the right manner to being left out of the squad altogether for last Friday's 1-1 draw with Morecambe.
Gray, 19, arrived from Premier League Palace on the day of the game and was an unused substiute, but he has impressed in training and looks set for his first taste of Football League action.
Buckle said: "Jake has settled in very well and it shows the atmosphere we have here and the togetherness among the boys.
"He has shown what he can do in small sided games and he looks an exciting prospect. When you bring players in on loan, like the three lads from Liverpool, they need to go into your team and he'll definitely be in my thoughts for a start."
Richards had been ever present in League Two games since joining Cheltenham from Shrewsbury Town on a two year deal in the summer of 2013, but Buckle left him out, demanding more aggression in the centre of the pitch.
"Matt Richards has been excellent, showing me the reaction I wanted and as a result he is back in consideration for the weekend," Buckle said.