User blog comment:IamJakuhoRaikoben/Chapter 334: Sin and Sacrifice, Review./@comment-5840892-20130614024929

Speaking of the manga, I checked Twitter earlier and Mashima said:

(Warning: Chrome auto-translation here; so grammer will suck.)

It may be sad story next week.

(Original text below, I'm about to ask Chaos if it can give me a better translation)

来週も悲しい話かもしれない.

So barring anything bad happening to Jellal, or Wendy; I have to say that Grey is most likely dead.