Powell (left) has not beaten Gay in their last three meetings
Asafa Powell aims to reclaim the 100m world record, which stands at 9.58 seconds from Usain Bolt.
Powell will meet American rival Tyson Gay in two races in Britain this summer in his quest to break Bolt's mark.
"Myself and Tyson are clearly the two who are going after the world record but I truly believe it's mine to lose at the moment," said Powell.
The pair will race at the British Grand Prix in Gateshead next month and August's Aviva London Grand Prix.
The 27-year-old Jamaican is the fastest man in the world this year but has lost to Gay in their last three encounters.
"I know I have a pretty serious race lined up with Gay competing as well and I'll be going all out to make sure I get a faster time," added Powell.
Commonwealth champion Powell was the first person to set a 100m world record on British soil when he clocked 9.77 seconds at Gateshead in 2006.
He has started 2010 in great form, clocking a season-best 9.82 at the Diamond League meeting in Rome last week, his fourth sub-10 second time of the year.
Gay, who is recovering from a hamstring injury, has switched from the 200m to 100m at Gateshead on Saturday 10 July, is expecting to clock a good time.
"Records have been broken before at Gateshead, so I know it's a quick track. If the conditions are right and Asafa and I are both on form, then I expect we will see one of the fastest times of the year," said the American.
And he is hopeful the pair will push each other to break Bolt's world record by the time they meet again at Crystal Palace on 13-14 August.
"Racing against Asafa in London and Gateshead will mean we are pushing each other to run faster and get closer to that 9.50 seconds that I see as a real possibility and something that I'm aiming for," added Gay.