Gray practiced with the Golden Gophers for part of training camp before being removed from the team in late August after questions reportedly surfaced about his college entrance exam scores.
The team said in a news release that Gray, a top high school quarterback from Indianapolis, will seek to be reinstated in school for the spring semester. He likely would have redshirted the 2008 season.
"I'm confident that I can clear up my situation this fall and I'm excited to rejoin my teammates at Minnesota," Gray said in a statement.
Coach Tim Brewster said his return would be welcomed.
"We look forward to having MarQueis back with the Gopher football program soon," Brewster said.
The Gophers have lost arguably the two best players from the freshman class as linebacker Sam Maresh will miss this season because of a heart ailment.
Adam Rittenberg covers the Big Ten for ESPN.com. He can be reached at firstname.lastname@example.org. The Associated Press contributed to this report.