Wednesday have enjoyed a fine start to the Championship season, losing just one of their opening eight games to occupy sixth place, but their eight goals scored is the lowest amount for any top half side.
The Owls boosted their squad over the summer with a host of new arrivals, including striker Stevie May from St Johnstone, but Mandaric is eager to continue building and insists he will enable Gray to do so.
"Stuart will keep getting support on and off the field," Mandaric told the Sheffield Star.
"We had a Swiss international [Xavier Margairaz] on trial last week but he didn't fit quite right.
"Stuart has got the green light to sign another striker to put positive pressure on our forward line.
"Whatever additional improvements Stuart needs to make, we will do that. We will not just get a player in to make up the numbers.
"Whoever comes in has got to be of the right quality and add something to the group."
Mandaric also insists he has no plans to sell any of the club's star players in the January transfer window after turning down what he describes as a "substantial" bid for an unnamed player this summer.
"We rejected a substantial offer for a player before the deadline," he said.
"I don't want to name that player but we turned the offer down because we are in the building, not selling process.
"We need to keep the stability and carry on building. That's the only way we can go places and make progress.
"You can't make progress if you are disturbing the team and selling your best players.
"If we let players go, that would damage our potential success. The only people we might loan out are players who are not playing to give them some experience."