Gayle's management group, Insignia Sports International, issued a statement denying the allegations.
"Chris denies the allegations published today," the statement read. "It is important that anyone seeking to make false accusations against Chris be aware that Chris and his management will be considering all rights and legal options available."
The allegations came after Gayle was fined $10,000 for attempting to flirt with Channel 10 reporter Mel McLaughlin live on air during the Renegades' clash in Hobart against the Hurricanes on Monday night.
Sydney Sixers bowling coach Geoff Lawson said Gayle was not essential to the BBL.
"Chris is not a necessary fixture in the competition, that's for sure. It's not just the Melbourne Renegades that are dragging a crowd."
Melbourne Renegades chief executive Stuart Coventry's position is also under scrutiny after he described the timing of the woman's allegations as "opportunistic".
Coventry's employer, Cricket Victoria, indicated they would confront him about the comments.
"Cricket Victoria are committed to demonstrating that our sport respects girls and women and were working incredibly hard to ensure that is the case," said Cricket Victoria boss Tony Dodemaide.
"We certainly don't condone the reported comments attributed to Stuart and we're looking into it further."
-AAP