The Gunners have not won a trophy since they lifted the FA Cup in 2005 and the Frenchman has been highly criticised for his reluctance to substantially invest in his squad.
While the 62-year-old is aware that he cannot compete with the likes of Manchester United and Manchester City in the transfer market, he is determined to improve his squad and join them in the next title race.
He said: "There are two basic trophies for me that are the sign of the quality of a team, they are the Premier League and the Champions League.
"All the rest, they are trophies of course and they are important, but they do not really reflect the deep quality of a team. The championship does, and we want to win it.
"Our ambition is intact, to win the championship. It depends on how we finish the season to decide how much we need to buy to have a chance to win the championship next season."