Methods, systems, and computer program products for providing transcoder-free operation in a media gateway are disclosed. In one method, first and second lists of media encoding rates and corresponding indices used by first and second media endpoints of a media stream connection are received. It is determined whether transcoder-free operation is possible for the media stream connection based on the first and second lists. In response to determining that transcoder-free operation is possible for the media stream connection, a transcoder-free connection is established in the media gateway between the first and second endpoints using a single digital signal processor to monitor and map between indices and encoding rates used by the first and second endpoints during the media stream connection.