When a homosexual is set on having relations/a relationship with their straight friend; assuming that they will eventually reciprocate their feelings. It is, essentially, gay layaway.
Felicia: Why don’t you let go of Micheal and find someone that will love you?
James: Girl, bye. I got him on gayaway. He’ll be mine soon.
A play on the word layaway. Refering to the popular yet misguided assumption that bisexual people are "confused" and only come out as bisexual as part of a process that leads to them eventually coming out as gay. Often derogatory or offensive.
See also bi now, gay later
Jane maythink she's bisexual, but we know she's on gayaway.