The Hammers have been installed as pre-season title favourites and Grayson reckons all three relegated sides will be challenging for promotion.
He said: "It doesn't always work like that as we saw last season, but the teams who come down have the parachute payments and as it stands they have the majority of the squads they came down with."
Grayson said West Ham's signing of Kevin Nolan signalled the London club's intention to bouce back from relegation.
"When you sign someone on a four or five-yeal deal for nearly £4million on decent wages you're bound to be favourites. Sam [Allardyce] hasn't gone there because he thinks they're going to be mid-table," he added.