Premier League big hitters Spurs, Liverpool and Everton are all thought to be closely monitoring his situation at the King Power.
Although a raw talent, Gray has shown glimpses of undoubted ability and his English background makes him an attractive proposal to league rivals as they aim to fulfil their home grown quota.
Demarai Gray reportedly has a £22m release clause in his contractGetty Images
According to the Daily Mail, Gray has a £22million release clause in his contract after signing from Birmingham City in January last year.
Shakespeare has opted to play with Marc Albrighton and Riyad Mahrez on the flanks whilst Gray has been used as an impact substitute.
And he shared his frustration after the 2-0 victory over Sunderland in April.
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The 20-year-old has played just two 90 minutes matches this seasonReuters
He said: “I have been frustrated, like every player would, we all think we should be playing when we’re not.
“I’ve got to respect the manager’s decision and hopefully I can keep myself in the team. I’ve had to wait until now, I’ve just got to do my stuff when I get the chance.
“It is not a nice feeling when you are not selected, but that’s how it goes. When I’ve had to come off the bench I’ve tried my best to impact the team.
“I’ve got good people around me so I just have to keep working hard in training.”
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