Gazidis defended Wenger, who many have accused of letting the club fall far behind the likes of the Manchester teams due to his perceived aversion to spending money.
Gazidis said: "I don't think Arsene is conservative, I think he is extraordinarily brave. I think he does things others don't do and sees things others don't see.
"Arsene is not fixed on the price of a player in assessing a player's value, he will look with equal weight at a young player who is coming through the Arsenal academy and a player that might be available with a very hefty price tag from overseas.
"He is not afraid to spend money when he believes in a player and sees a player he thinks can kick us forward but he is not obsessed with the security that a big transfer fee might give him."