AVB: Champions League is Spurs' main focus
Spurs, who missed out on this season's showpiece despite finishing fourth in the Premier League because Chelsea won the trophy in 2012 and took their place, are well placed to qualify.
"Obviously the ultimate objective for the club will be to qualify for the Champions League," Villas Boas told a news conference on the eve of his team's Europa League last 32 return leg at Olympique Lyon.
Spurs won the first leg 2-1 at White Hart Lane thanks to a Gareth Bale double.
Villas Boas said Tottenham, who won their last European trophy when they lifted the UEFA Cup in 1984, will still give everything in the Europa League.
"If we are able to win the competition, it would be absolutely magnificent for us," he said.
"I don't think one will put in question the other. We are able to continue in both competitions.
"We have plenty of time to rest after Europa league ties so I think it's possible to continue approaching them in the same way."