The 33-year-old joined the Glovers from Bristol City in August, but is due to return to Ashton Gate next month.
"Quite clearly Marcus has made a big difference to us and I have got to speak to the City chairman about his future," Fry told BBC Radio Bristol.
"He is very happy at Yeovil and who knows what will happen. Marcus still has a big future in football.'"
Yeovil midfielder David Poole has extended his loan at League Two side Stockport County into a second month.