The Gunners are currently 15th in the Premier League table with seven points, and they face a tough task in climbing up to the top four.
"We would rather qualify for the Champions League but we have a stable model that can cope without that," Gazidis said.
He also ruled out spending more money to cure Arsenal's problems.
"Every club is tempted to think that money is the answer to issues but it can be damaging over the longer term," he added.
Arsenal take on Sunderland after the international break.