The Uzbeki is close to owning 30 per cent of the club, a barrier that is significant as it would allow him access to the club's accounts.
But with majority shareholder Stan Kroenke insisting he does not want outside intervention, Gazidis has told Usmanov that the club will not accept his offer of financial assistance – despite the latter's offer to fund a substantial spending spree by Arsenal manager Arsène Wenger.
“I don't think for Mr Usmanov and anyone else out there that we should pump money into the football club,” he said. “We don't think that is healthy or for the good of the game.
“When I arrived three-and-half years ago there had been a lot of changes on the board and some degree of conflict. Since then we have worked hard to ensure the board is unified and has a common purpose.
“In terms of any further additions to the board it is important we don't disturb that unity and don't create conflict.
“Ultimately that is a board decision but that will be the critical issue – are we all aligned and facing in the same direction.”
But Gazidis has admitted that Arsenal's wage structure – where all first-team stars are paid a relatively similar amount – could change in the future.
He added: “Arsenal's squad been based around a flatter salary structure, and we are talking about having a relatively big squad with relatively few super-stars.
“That is part of the team ethos Arsene Wenger develops – that it is about the interaction between players, not the super-star. That carries on into our wage structure.
“We have to make adjustments for the top talent as they are earning a lot of money and I don't think that will slow down – under Financial Fair Play I think they will earn more and more.
“We have to adjust our model but that won't happen instantly. It takes time – three to four years – but we are conscious of that.”