The Gunners have often avoided opening the cheque book during the summer and winter transfer windows but Gazidis insists that the Frenchman is prepared to spend up if the right players can be identified.
"Arsene is not scared to spend money but he has to believe they are top-class players who will add to the squad," said Gazidis in a meeting at the Emirates.
"Can I guarantee he will spend all of the money available to him? That depends on the talent.
"Arsene has done an outstanding job to make sure Arsenal stay in the mix with the top teams – not where we want to be, but in the mix – on a relatively limited budget."