Gill, who will step down from his position in the summer to push for a place on UEFA's executive committee, expects City to respond next term.
"I'm sure they will come back," he said. "They've got some ambitious plans on their investment and their academy. But that's what the excitement of the Premier League is.
"I'm sure all the clubs who missed out this season will be doing business in the summer - as we will be - with a view to come back all guns blazing next year."