The controversial publishing magnate contacted the Dallas star at the height of her fame in 1983 and asked her if she'd be interested in peeling off for a photoshoot.
Gray, 74, never responded, but now she's interested - and has agreed to strip if Flynt increases his offer.
In her upcoming memoir, The Road to Happiness Is Always Under Construction, Gray pens an open letter to Flynt, writing, "Forgive me for not answering at the time and for a while after. I've been busy. Things have slowed down a bit. I assume the offer is still good? Of course, I'm far more experienced now so my rate has gone up."