Grant - who has twice returned to the Lilywhites after moving away - will not be in the squad for tonight's match at Hastings Utd.
Ray revealed the Ryman South rivals, who are sixth in the table, had put in a seven day approach for the player after the Chipstead match.
But he does not plan to rush out and replace the frontman, who only returned to Town earlier this year.
He said: "Dean was offered a package by Hythe and decided to take them up on it, and there's not an awful lot to say about that.
"Players moving on is a fact of life in football at all levels, and I've been in it long enough to know that and to get on with finding and producing our next players.
"The work we have done with Dean at the club is what made him the player that he is.
"It's disappointing to lose any player but we have to concentrate our efforts on players who want to wear the Faversham Town shirt and fight for this club.
"Dean was fairly integral in what we have been doing up until now, but was going through a quiet spell in front of goal.
"I know that we have the talent in the squad to cope and to get us back on track, so I'm not about to panic and bring someone in for the sake of it.
"We have already brought Jordan Casey to the club, who has got a lot of potential and been at a much higher level.
"We have a club stalwart in Luke Harvey, and now that Jamie Maxted is back we can move Renford further forward.
"And Bola has been in great form this season. When a space is created in a squad, it offers opportunities for other players and I know they will step up to the mark."
Grant's previous clubs include Whitstable Town, Herne Bay, Canterbury City and Margate.