Arsenal boss Arsene Wenger has intimated negotiations to bring Andrei Arshavin to the club from Zenit St Petersburg are progressing well.
The Russian schemer has been strongly linked with a move to Emirates Stadium and it has been reported talks have begun over a deal that could cost Arsenal in the region of £20million.
Wenger is remaining tight-lipped on any potential signings but was willing to concede that in the world of football transfers, 'no news is good news'.
"We do not want to talk too much about who we want to buy," Wenger told Arsenal TV online.
"At the moment I cannot give you any good news but in this job no news is good news. Nothing has fallen through. We are on alert in the transfer market."
He also hinted that he was in the market for a defensive midfielder to bolster his injury-hit squad.
"That is also a priority," he said.
"We are not in the big league. We are a little short because we wanted a player like (Tomas) Rosicky to play 80% of games and he has not played at all.
"We want to spend money but as everyone knows, and as the chairman has said, we have money available but we have limited resources, and you want to spend it in the best way possible."
The Frenchman quashed rumours that Kolo Toure, who recently retracted a transfer request, could leave the Emirates for Manchester City and was adamant that nobody will leave the club this month.
"That (Toure story) is finished. We will not sell any players this month."