Gray has been superb in 2014, averaging 24 possessions a game and booting 27 goals.
He is ranked first in the AFL for goal assists.
The 26-year-old was at his best last Saturday night against the Sydney Swans, collecting 37 disposals, including 12 clearances.
Gray's deal with the Power doesn't expire until the end of next season, but with the club keen to lock him down negotiations have begun.
"The club and my manager are talking … playing some finals footy last year was an amazing experience so I definitely want to continue that going forward," he said.
"I've enjoyed my time here and I've been here a fair while now. [I'm] really excited about the direction of the club." Gray said that immediate direction improved last weekend despite the side's fifth loss in eight games, trumpeting the Power's contested game in the 26-point defeat to the Sydney Swans.
Port won the contested possession count 160-145.
The loss did little to ease the pressure on the fifth-placed club, which remains a win from fourth-placed Fremantle but is being reeled in by a host of sides all vying to cement a place in the eight.
North Melbourne sits just a win back from the Power in sixth position, while Adelaide, Essendon, Collingwood and Gold Coast are all another four points behind.
But although breathing space inside the top eight is quickly becoming non-existent, Gray insisted Port wasn't bothered by pressure to secure a finals berth.
"It's not something we look at too much – we're just trying to turn around our form and play consistent footy," he said.
"The last five or six weeks haven’t been ideal and we do need to turn it around our form and get a win.
"There were glimpses of that on the weekend but we just need to be more consistent across the game and get a good result."
