Gareth Bale's superb goal in injury-time secured a hard-fought 3-2 win at West Ham on Monday night, which moved Spurs up into third place in the Barclays Premier League and four points ahead of the Gunners, who are fifth. Sigurdsson, though, maintains his side can not take their foot off the gas even if Arsene Wenger's men get a sound beating this weekend.
"It is going to be a massive game for us," said the Iceland international, who bundled in his first Premier League goal for Spurs which sparked a late comeback at Upton Park. "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."
He added: "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."
The form of Wales international Bale has been key to Tottenham's drive up the table, with eight goals in his last six matches - many of which proving key.
The 23-year-old has been compared to the best around in the game at the moment and Sigurdsson feels there is plenty more to come from his all-action team-mate.
"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 said.
"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."