Arsene Wenger has not ruled out making signings in the January transfer window - but has warned Arsenal fans: "Don't expect miracles."
The French coach has come in for some criticism as a result of his reluctance to land big-name players, particularly in light of a trophy drought that stretches back to May 2005.
Recent comments had appeared to suggest he was once again not in the market for new players, but he insisted: "It is not definite. It depends if somebody goes or not and whether we find - on the market - something that really gives us a plus. Then we will of course not turn it down."
But he added on Arsenal TV: "Don't expect miracles in January; you have a high number of players who have played already in Europe and couldn't help us in the Champions League, and also clubs do not want to sell their best players.
"It's highly unlikely you find just the player you need in January. It's not about spending money, it's about finding just the right player to strengthen a squad that is already very strong."
Speculation has also surrounded the future of players already at the club, with Denilson and Nicklas Bendtner both linked with moves away.
Wenger, though, stressed there is "no truth in that at all", adding: "Most transfer rumours are created by agents or people who want to make some transfers."
The Gunners face a crucial Christmas and New Year period, with title rivals Chelsea coming to the Emirates Stadium on December 27 and Manchester City the next visitors on January 5.
City's defeat to Everton on Monday cost them the chance to go top of the Barclays Premier League for Christmas and was the latest in a string of slip-ups by leading clubs.
And Wenger said: "At the moment you play and you look around you, because you know that surprises can come from everywhere. We had another one on Monday night, Man City-Everton. I believe the first team who finds top-level consistency can make a difference. It's always very important at Christmas and let's hope we can do that."