Spurs' summer signing from Hoffenheim does not believe victory over the Gunners will guarantee Champions League qualification, but praised 'outstanding' team-mate Gareth Bale
Both clubs are vying for Champions League qualification, with Spurs’ Monday night victory over West Ham propelling them to third place in the league table and maintaining their four point advantage over the Gunners.
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"It is going to be a massive game for us," the 23-year-old told reporters.
"However, anything is possible in football. The league was won in the last minute on the last day, so even if we beat them it is not finished.
"First, though, we have to beat them to start thinking about that. It will be a great atmosphere. Hopefully we can get a win and stay above Chelsea.
"We want to get in to the Champions League. That is our aim. If we achieve that, we want to finish as high as we can."
Gareth Bale struck a last-minute winner against the Hammers, having opened the scoring in the first half, and Sigurdsson believes the best is yet to come from the Welsh winger.
"Probably Cristiano [Ronaldo], [Lionel] Messi and Gareth are up there, they are all outstanding players and Gareth showed it again at the end that he can do something special," he added.
"I hope he can continue developing over the next few years and do something amazing.
"He still has a few years to go to reach his peak because he is still young and you probably hit your peak when you are 27."