Representatives from the 30 clubs made their way to Hampden Park for the Scottish Football League annual general meeting, where they will again discuss proposals to merge the two league bodies and introduce play-offs between the top two divisions.
Earlier this week, the SPL rejected amendments on wealth distribution and governance which the SFL clubs fully backed last week.
Gray declared himself hopeful of a 42-club solution but stressed that the 10 First Division clubs would "very quickly" knock on the door of the 12-club SPL to follow up on an earlier application to join the top flight.
Speaking ahead of the AGM, he said: "I am hopeful we can find a solution for the 42 clubs but if democracy doesn't go in our favour then we will look after our own interests. There will be a meeting with the SPL if it goes the wrong way as soon as it is convenient for them, which will be in the next day or two.
"The First Division clubs thought these amendments would be rejected out of hand anyway because I think we were asking too much. There have been six months of negotiation and to try to change it at the last minute was never going to work. It is as simple as that.
"As a result of that, we are back to square one in terms of trying to get the second and third division clubs in line with what's on the table.
"It will not be easy but I think a lot of them will have done a lot of soul searching and democracy will speak and if we get 22 clubs (to vote yes) then terrific. And if we don't, we will find another solution."
The SFL asked for a change to the distribution model which would have spread money from the second tier to the bottom two divisions, but the SPL clubs want to focus wealth redistribution into the current First Division in order to create a softer landing for relegated clubs.
The SFL had also proposed changing the structure of the new merged board to give more power to clubs in the Second and Third Divisions, but the SPL wants two second-tier clubs and one lower-league club to join the top-division representatives.