A disposable spacer is formed directly on or in close proximity to the sidewalls of a gate electrode and a gate dielectric. The disposable spacer comprises a material that scavenges oxygen such as a metal, a metal nitride, or a semiconductor material having high reactivity with oxygen. The disposable gate spacer absorbs any oxygen during subsequent high temperature processing such as a stress memorization anneal. A metal is deposited over, and reacted with, the gate electrode and source and drain regions to form metal semiconductor alloy regions. The disposable gate spacer is subsequently removed selective to the metal semiconductor alloy regions. A porous or non-porous low-k dielectric material is deposited to provide a low parasitic capacitance between the gate electrode and the source and drain regions. The gate dielectric maintains the original dielectric constant since the disposable gate spacer prevents absorption of additional oxygen during high temperature processes.