At this point in time, Pokemon Gray seems less like a possibility and more like an eventuality. Previously we reported that the domain for an official Pokemon Gray website was registered by the same company that went through the same process to secure the Pokemon Black and White domains. Further evidence has also surfaced in the form of an advertisement found in a recent issue of Corocoro magazine.
The ad in question makes absolutely no mention of Pokemon Gray in any form, however, it does hint at a potential secondary form for Kyurem — the legendary Pokemon that would be featured prominently on the cover of the rumored game. Those who are familiar with the Pokemon series will realize that Pokemon Platinum gave Giratina a similar makeover, allowing trainers to swap back and forth between the Pokemon's Origin Forme and Altered Forme.
The advertisement that hints at Kyurem's new form is actually for a new Pokemon film, and it asks audiences “what mystery is hidden in Kyurem” and states that “Kyurem’s unseen power will be revealed!” That doesn't really leave much for fans to go on at the moment, but odds are they'll find out what this "mystery" surrounding Kyurem is actually about sometime soon.
On top of this new source of speculation, The Pokemon Company has also confirmed, via a New Year's greeting card, that there will be "more amazing Pokemon games" in 2012 then there was in 2011. So far PokePark 2: Wonders Beyond and Pokemon + Nobunaga's Ambition are the only games confirmed for the new year, but with more evidence slowly building up to support the existence of Pokemon Gray, it's a pretty safe bet to assume that the currently unannounced title isn't too far behind.
It seems blatantly obvious that Nintendo plans on releasing Pokemon Gray sometime this year, but one thing that still hasn't been made obvious yet is whether or not it will be a DS or 3DS game.
Follow me on Twitter @TheRileyLittle