As much as I don't want him too yeah it's pretty obvious he is gonna die. He and Lee kind of made the series so funny. It's gonna be sad to see him go. Kakashi is also gonna cry his balls off which is gonna suck. :'(
Let's see how bad Gai can mess up Madara while all 8 gates are open. But, knowing Kishi, I have a feeling that the next few chapters will be looking at sasuke and naruto.