Ray, who was the fourth player selected in the 2003 NAB AFL Draft, informed the Bulldogs on Thursday that he wants to move on to a rival AFL club.
In a statement released by the club, the Bulldogs said Ray was a required player for 2009, but they were prepared to trade him on the proviso it was equitable for both parties.
Ray has played 75 matches, but managed just 13 appearances this season after a foot injury interrupted the start of his year.
After playing in the second qualifying final against Hawthorn, Ray was dropped for the Dogs' last two finals.
His 2006 season was his best with the club, when he played 21 matches and gathered 370 disposals.
Ray was drafted from WAFL club Peel Thunder.
