The Times says Gazidis rejected a similar offer from Manchester City earlier this season.
Marketing, transfers and finance will form Gazidis's core responsibilities. He is a trained lawyer and has considerable experience in player contract negotiations, which are handled centrally by the governing body in MLS.
This was one of David Dein's duties at Arsenal during his time as vice-chairman. Like Dein, Gazidis will work closely on transfers with the manager, Arsène Wenger, as the club continue to try to keep pace with Europe's elite while offering wages less generous than some of their competitors.
The contract and transfer sagas involving Emmanuel Adebayor and Alexander Hleb made for a messy summer.