Coventry's promotion was confirmed a week ago against Blackburn Rovers.
Asked about staying up, King told BBC Sport: "It's taken a long time to get there. Obviously we have beaten two teams who will join us so we have only got to beat one more, if we can beat them again next year, right? If you put it like that.
"I'm embracing it, the team's embracing it, it's exciting, it's a challenge. We had a challenge to get out of the Championship and we've achieved that in a spectacular way and now the next one is to challenge ourselves to see what we can do in the top league."
King added: "People spend money very badly at times, I would say what we do is we look for value.
"A very expensive footballer might still be value, there are lot of footballers who are very expensive but who are not value.
"We will do what we've got to do, but don't associate staying in the league and being very successful just with how much money you throw out of the door, I think that would be a mistake."