Akinfenwa was set to return to the Swans on Monday after the clubs agreed a fee but the Championship side pulled out of the deal after signing Lee Trundle and Craig Beattie.
Gray said: "Everything was agreed between the two clubs and Bayo
was on his way to discuss personal terms.
"For some reason Swansea pulled out but that happens in football. It's not a deal until everything is signed.
"So Bayo remains a Cobblers player and he will give 100% as he has done in every game he has played for the club."
Source: Team_Talk