Before we all bash Ray, or assume that he won't be back, keep in mind that in a down season, he still has a higher eFG% than D. Wade, Joe Johnson, or Vince Carter. He's not as complete of a player as those guys (at least the first two) but he's still very good at what he does.
I would want Ray in a wheelchair before I want Vince Carter at full health
Ray, even hurt and old is still more of a plus to a team than Vince Carter fully healthy
That said, Ray's future with this team complete hinges upon how this teams long term prognosis looks between now and Feb.18th
Best case if KG gets healthier and Ray starts shooting more like Ray from 3, Ray will be here a while
Worst case if KG's knee looks to be a long term chronic problem and Ray's outside shooting woes become a season long looking thing, Ray will probably not be here next year
Everything in between, probably he's here but who really knows