The 17-year-old midfielder started the opening seven Championship games for Leeds but was used from the bench in the next two.
He returned to the starting line-up on Wednesday night and produced a solid performance in the middle of the park in the 1-0 win over Queens Park Rangers at Elland Road.
McCormack stressed that everything that the young midfielder has been doing on the pitch suggests that he has the potential to become a top player for Leeds in the future.
He conceded that Gray still needs to learn a few more tricks but believes he is in the best surroundings possible and in the right league to further develop as a footballer.
McCormack said on BBC Radio Leeds: “His posture on the pitch, the way he runs and the way he glides – everything he does just screams top player at me.
“He will [become a top player] in time.
“There are a few things that he will probably have to learn.
“But what better place to learn than in a league like the Championship with a club like Leeds United, playing in a stadium like Elland Road.”
It remains to be seen whether Gray keeps his place in the eleven when Leeds take on Bristol City at Elland Road on Saturday.
