And the Town manager has also revealed he is very likely to be given a chunk of the transfer fee received for Gabor Gyepes to reinvest in the team.
The Sixfields coffers were swelled to the tune of £200,000 by the sale of the Hungarian international, who moved
to Cardiff City this week.
That amount is unlikely to cover what Wolves would want for Little, and sources in the Black Country suggest a season-long loan looks the most likely option.
But some of the cash may be used to strengthen the forward line, with a striker still very high on Gray's wish list.
"I don't want to comment on speculation but Mark came here and did very well," said Gray.
"I keep a record of all these players and study when they're in their teams and when they're not.
"Mark hasn't been featuring for Wolves and he will be getting frustrated about that.
"If we bring any players in, they've got to be better than the ones we've got."
The Cobblers have been linked with Chesterfield flyer Jamie Ward in the past but any deal for that player looks like being off with Jack Lester out for a month with thigh problem.
Gray may have money to spend on somebody, though, with the club accounts bolstered not only by the Gyepes sale but also the Carling Cup tie at Bolton Wanderers, where a small profit will be recouped.
"I would imagine there will be some money available," he said.
"We've got to strengthen. Even before Gabor left we were thin on the ground.
"So we've still got to strengthen, whether it be in that area or in other areas of the team.
"We're trying desperately hard to bring players in and at this moment in time it's frustrating not being able to do that.
"This money coming in puts us in a strong position but when you're the buying club people speculate how much you've got.
"It's a case of balancing the books at this football club, but selling Gabor does allow us to maybe go out and put a bid in for a player."