Nottage has been Gloucester's managing director since 1999
Gloucester are playing down the financial impact of missing out on a place in the 2010/11 Heineken Cup.
The Cherry and Whites would have qualified had Toulon beaten Cardiff Blues in the Amlin Challenge Cup final.
"It's very difficult to put a number on it," Gloucester managing director Ken Nottage told BBC Radio Gloucestershire.
"When you look at how the Challenge Cup has developed over the last few years, it's actually getting closer and closer to the Heineken Cup now."
The final Heineken Cup place goes to Scarlets after Cardiff's victory earned Welsh sides an extra place in European Rugby's premier competition.
Gloucester last missed out on qualifying for the Heineken Cup in 2005/06, when they won the Challenge Cup, although they last played in the competition this spring.
They reached the quarter-finals before losing 42-26 to Wasps at Adams Park.
Nottage also insists the situation will not affect Gloucester's ability to attract players in the short-term because next season's squad is already virtually complete.
"Internally we've pretty much recruited the team that we've got, there's still one or two moves to make, so I don't think it makes changes in that respect," he said.
"When you're recruiting players, players want to play in the Heineken Cup because they see that as the top competition, but the gap is certainly getting closer."