Gradel, who is on loan from Leicester, has made the biggest impact in West Yorkshire with a string of impressive displays off the bench while also netting three times in League One.
Grayson admits talks for the loanees are ongoing and not all of his short-term arrivals will be staying on come the New Year.
The former Blackpool boss is happy with his squad's strength in depth, although he is not ruling out wheeling and dealing when the transfer window opens.
"Talks are ongoing and we've spoken to a few clubs about what we want to do," stated the Whites boss.
"I wouldn't have thought all the loans will go back, some should stay.
"We obviously have a few options to consider and we will just address it as the issues come along.
"We feel we have a good enough squad anyway when everyone is fit but that's not to say that we won't try and do a little bit of business when the window opens."
Meanwhile, Grayson has confirmed keeper Shane Higgs has suffered another setback in his return from a thigh injury.
Leeds' boss has revealed an old injury has been hampering his recovery and that is it something the club are looking to resolve.
"He's had a slight kind of twinge in his thigh, which is frustrating for everybody because we were so close to getting him back," he continued.
"It's a real delicate area where he is injured at the moment, so we are trying to get to the bottom of it.
"He's had an injury there in the past and has some scar tissue in there that keeps flaring up and it's something we have to get sorted."
Leeds 4/11, Draw 7/2, Hartlepool 8/1