Gayle, poised to return from a groin injury for the third Test in Barbados this week, says the eighth-ranked West Indians have grown in confidence with the knowledge that, unlike recent seasons, they are more than capable of competing with the world champions.
As the Australians contend with retirements and injuries, several West Indies players have hit the form of their careers.
Shivnarine Chanderpaul, with an eye-catching five centuries and six 50s from his past nine Tests, has reached his highest rating - fifth in the world - while Jerome Taylor and Fidel Edwards have reached career-best bowling ratings.
"There's no fear," Gayle confirmed. "We don't want to say we fear Australia. And they are not taking us lightly, because they know our capability. They must have known it wasn't going to be easy in the Caribbean.
"To push Australia and get a draw … it's been 10 years since we have drawn a game against Australia. It's terrific the way the guys have been playing."
Gayle was surprised by Ricky Ponting's comments in the immediate aftermath of the second Test, when his opposing skipper stated Australia's bowling attack had "come back to the pack".
The West Indies captain agreed Australia needed more from their third seamer and specialist spinner, and issued a challenge to Beau Casson in the process.
"[Ponting] must know why he made that comment but we are not taking anything for granted," Gayle said.
Meanwhile, Australian opener Phil Jaques is confident he has settled on a game plan for success on the low, skidding wickets of the Caribbean.
Jaques began the Frank Worrell Trophy series with scores of nine, four and 17 in Jamaica and Antigua, and was twice trapped leg-before to deliveries that darted back.
But, after reviewing his approach, the left-hander felt lighter footwork and an intent to strike the ball - as opposed to working it - was in order. His ensuing innings of 76 showed he was back on track.
"These have been different conditions to what I've been used to," Jaques said.
"It's taken some adjustment. I think I have got the right method going now and I'll take it for the rest of the tour."