gcc 3.4.4 failed to create executables

I used to build zsh for MSYS with gcc 2.9.5. Now that I upgraded it to
3.4.4 I'm getting:

--------------------
$ ../configure --build='i686'
configuring for zsh 4.3.10
checking build system type... i686-pc-none
checking host system type... i686-pc-none
checking for gcc... gcc
checking for C compiler default output file name...
configure: error: C compiler cannot create executables
See `config.log' for more details.
--------------------

I'm using msysCORE-1.0.15-1
Many thanks in advance,

-- 
Cesar


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