"In a perfect world, what we want to do is take Julian for a third month and then quite possibly make it a permanent move," Lawrence told the Western Mail
"He's looked good in the last few matches - he's been a real threat down the left and against West Brom last week he was one of our most creative players.
"In short, he's done enough to convince me that he's worth holding onto. We'd like to keep him for another month and after that we will either make it permanent or we'll end it. We wouldn't be looking to prolong his loan period here if there wasn't a chance he would be staying long-term.
"Stoke is the last match of his second loan month, so something will happen towards the end of the week."
Lennie went on to explain the situation regarding contracts and Crystal Palace
"We want to keep Julian, but that assumes Palace are happy for us to do that. It might not be straightforward when we come to discuss with them what happens next.
"Julian's been on a week-to-week contract there and would be available on a Bosman at the end of the season, but things could change in that respect. You never know. They've had a change of manager and you have to look at it from their angle.
"Palace will have observed Julian doing well for us and perhaps they'll want him back now. Sometimes that's the price you pay."
Gray has been in dispute with the chairman Simon Jordan. He cost them £500,000 to buy and cash strapped Palace want to recoup their money.
Just before Gray's move to Ninian Park Jordan said
"He doesn't want to be with the club and I don't want him here.
"He thinks he's too good for us but, if he is, I don't see too many clubs queuing up to sign him.
"I can't even stand the sight of seeing him after everything I've done for the kid. I've looked after him and his family ever since he signed for the club and then he treats me with utter contempt.
"We have to carry on paying him if we want to get a transfer fee. I suppose he is available for selection, but I would be surprised if the manager picked him.
"He thought he was too good for us and the only reason he's back is because we are his meal ticket for the time being. I don't think the fans would be too impressed to see him in a Palace shirt again."