You must have fenced at least 1000 Gold to get this one.
Amusei will approach you and tell you that Gray Fox is waiting in Orthelos' House in Elven Gardens.
He’ll tell you that your last objective to steal the Elder Scroll from the palace library!
The Old Way is an irritating dungeon, consisting of a few separate parts.
You’ll get to The Lost Catacombs.
Use one of the buttons there and run through the open door to the Hall of Epochs.
Go through the door in the southern part of the room and use the button here.
Continue on due south.
Go to the next section of Hall of Epochs.
Look around over there, you’ll find another button.
Use it and go back to the huge room with a statue.
The stone blocks have disappeared and you’re free to use the arrow in the right spot.
Practice a little bit using ordinary arrows.
Your crosshair should be somewhere around the statue’s hands, where they are holding the sword.
When you hit the right spot, you hear a recognizable sound.
When you feel confident already, use the Arrow of Extrication.
Go through the door that appeared before you.
You’re in the palace already.
Sneak into Elder Scrolls Library.
Sit on the chair and wait for the monks to bring the scroll to you.
Take it, stand up and sneak up the stairs.
Picklock the door and sneak past the guard to Moth Priests' Quarters, then to Battlemage’s Quarters.
You’re in Chancellor Ocato’s private room!
Approach the fireplace and jump down.
You’ve done it!
They are destroyed in the process, though.
Decide whether you prefer to keep the boots and risk death or loose them once and for all.

When you’re back to Fox, he’ll have a last request for you.
Take the ring from him and deliver it to Countess Umbranox in Anvil.
You’ll see a touching cutscene in which the mystery of the Gray Fox is finally solved.
The Gray Fox, you say?
You mean yourself, of course?
Yup, from now on YOU are Cyrodiil’s most wanted.
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