The Gunners boss came under fresh fire last season when the team failed to reach the Champions League, but the businessman has insisted that the French coach is the best candidate to take them forward.
"If you look across the world of football this is a plum position, people want to be manager of Arsenal," Gazidis told Sky Sports News.
"If you look across the world of football, you don't find better candidates than Arsene Wenger. We kept coming back to Arsene.
"It wasn't a sentimental decision, it wasn't based on 20 years of history with the club although there is tremendous loyalty which comes with that.
"It wasn't a decision made out of loyalty, but out of the qualities the club has and what we feel we need over the next two years to take this club forward."
Arsenal, who won the FA Cup last season, kicked off their new Premier League campaign with a dramatic 4-3 win against Leicester City on Friday evening.