The Emirates Stadium is a symbol of Arsenal's commitment to being one of the world's top clubs, says Gazidis. Getty Images

Money still matters in the Premier League, but not as much as it used to, and that will benefit Arsenal in the long run, says club chief executive Ivan Gazidis.

Earlier this year, the Premier League finalized television deals worldwide that will bring in over $10 billion. The leagues 20 teams will pocket over $100 million per year just from the domestic rights starting this season. That has created more of a level playing field for clubs whose game-day revenue is more modest.

"The big clubs can't financially bully the smaller clubs in the way they used to, so I think a lot of the differentiators between clubs become more subtle now," said Gazidis in an exclusive interview with ESPN FC.

"It's how well you can identify talent. It's how well you can develop talent. It's how strong your club philosophy is. It's how together you are as a football club, what your support services are like in the medical field, fitness, analytics, psychology. All of these things become differentiators."

While the sight of France international midfielder N'Golo Kante leaving Leicester City for Chelsea shows that the financial muscle of the biggest clubs remains potent, Gazidis added that there is still plenty to be learned from the Foxes' title run.

"Leicester identified players from the French second division, so maybe there's talent that we've been overlooking," said Gazidis. "They did their talent identification [well], they had great unity within the group, as well as quality.

"It wasn't built on money. It was built on the great fitness work they did. It was built on all of these other elements. I think that's going to be a continuing trend within the Premier League."

Gazidis said that Arsenal's philosophy leaves them well-placed to take advantage of what he feels are the changing requirements for what makes a championship side.

Arsenal's strategy in recent years has seen them build their roster through a few big names like Mesut Ozil and Alexis Sanchez, a smattering of lesser-known players like Santi Cazorla and Laurent Koscielny, and young performers like Hector Bellerin, Francis Coquelin, and Alex Oxlade-Chamberlain. This approach has frustrated segments of the fan base that feel more money should be spent, but Gazidis remains convinced it's the right way to go.

"This approach, for us, gives us a very, very powerful balance because it's not just about spending money but about how you spend your money and doing it wisely," said Gazidis. "It's about having a strong core philosophy and values within the club that players buy into and our fans can be proud of.

"These are all things that lead to success, and when you look at Arsenal over the last four or five years, there's no question that the squad has been progressing in strength. We've got a squad now that we believe is capable of competing to win the premier league. We came in second last year, which was disappointing. But we're on the right track."

He added: "We're making progress in what is a fiercely competitive world, against competitors that have the capability to spend far more money than we do. We're doing it by being very, very disciplined; spending money where we believe it makes a difference, but also giving young players a chance and believing in ourselves and our values."

Gazidis did admit that Arsenal's commercial revenue has doubled over the past three years, and when combined with the TV revenue windfall, as well as the move 10 years ago to the Emirates Stadium, the club appears to be one of the wealthier sides in the Premier League. So is Gazidis referring to clubs with deeper-pocketed owners or ones whose revenue streams are greater than Arsenal's?

"It depends on which club you're talking about," he said. "It could be either of those. We aspire to be in the top group of clubs in the world. We have a plan that we've been implementing. The stadium move 10 years ago was a part of that plan. That's an incredible move that the club made.

"A football club that's at the top of the game, along with Manchester United, decides to push forward and develop a new stadium so it can progress as a football club. We're doing a lot of other things along the way to push the club forward in a responsible way and in accordance with our values."

The coming Premier League season will reveal if it's the right approach, but Gazidis believes the 2016-17 campaign will be the most competitive ever.

"Every single club in the league, all the way through, all 20 have top-class players that if you're not at 100 percent of your game will hurt you and make you pay," he said. "For some people they view that as a less-competitive league. It's exactly the opposite. The level has gone up, there are no easy games. There are very few games where you have a runaway, comfortable win."

For that reason, Gazidis feels that the days of the presumed underdogs aren't over yet.

"I think we are looking at new dynamics," he said. "I think Leicester are the vanguard of a changing dynamic within the Premier League. I don't think general perception has yet woken up to that, but I think it will over the next season and the years ahead.

"I think it's fantastic news for the Premier League, I think it's fantastic news for fans of football. And I think it's good news for fans of Arsenal because I think the keys to success will be how well you do things, and not just about financial firepower."