The agreement was brokered by CARICOM. Apart from the agreement, Gayle has written a 'side-letter' to the WICB, the contents of which were not disclosed.
"Prime Minister Ralph Gonsalves (of St Vincent) provided a copy of Gayle's 'side letter'. The matter was discussed and the Board will respond to the Prime Minister shortly," read a statement from the WICB.
Gayle and WICB are at loggerheads since last year, when, in an interview, the left-handed batsman criticised the Board and coach Ottis Gibson.
The Board had asked Gayle to retract his statement or apologise for his remarks.
It was reported earlier that Gayle would do so.
The Jamaica Gleaner reported that the agreement, which was drafted by CARICOM in a bid to solve the impasse between the former captain and the Board, had been signed by the WICB a few weeks ago.
Gayle is contracted to represent Royal Challengers [ Images ] Bangalore in IPL-V from April 4 to May 27 and Somerset in England's [ Images ] domestic Twenty20 [ Images ] tournament later in the summer.