Former 100m and 200m world champion Gay returned his own medal after accepting a one-year suspension in May last year, having tested positive for steroids at the US Championships in 2013.
The International Olympic Committee has now instructed the United States Olympic Committee (USOC) to reclaim the medals awarded to sprinters Trell Kimmons, Justin Gatlin, Ryan Bailey, Jeffery Demps and Darvis Patton.
No decision has yet been made on whether the silver medal will be reallocated. Trinidad and Tobago finished third in the final and France fourth.
“The IOC has today confirmed that the US team has been disqualified from the 4x100-metre race that was part of the athletics competition at the London 2012 Olympic Games,” said an USOC spokesperson.
“We will begin efforts to have the medals returned, and support all measures to protect clean athletes.”
Kimmons, Gatlin and Bailey ran alongside Gay in the final in London and set what had been a national record of 37.04 seconds.