Following testing spells at Sunderland and Hull City, the 28-year-old striker was returned to his roots in January.
A loan deal was put in place through to the end of the season, and Graham responded positively to a fresh start as he netted six goals for the club that helped to launch his career.
He could be back at the Riverside Stadium again in 2014/15, with Middlesbrough set to explore the possibility of acquiring him on a full-time basis.
Karanka told the Evening Gazette when quizzed on whether Graham will be snapped up: "Possibly yes, because he came here to help us and he has helped us a lot with his experience, with his goals, with his character.
"When he came here he hadn't played a lot of games but I think he played all of the games for us. His performance was very good, his contribution was very good.
"I was speaking with all of the players who we had on loan. This is the time we will study and see which players we need next season."
The same applies to those who are returning to Teesside from loan spells elsewhere, with Lukas Jutkiewicz - who has shone at Bolton Wanderers - among those who may be drafted back into Karanka's plans.
He added: "Juke is a player who needed to go out on loan because his confidence here was no good, and for that reason he went to play at Bolton.
"He scored goals, he played well and he is happy because he was playing, he is happy because he recovered his confidence.
"For this we have to study his position and a lot of other players because if we keep Danny and we keep Juke, if we keep all of the players, we will have 35 players and I don't want to have a lot of players.
"I would like to work with 22, 23 players because that is the way I like to work."