Arsene Wenger has refused to rule out making signings in January but has warned Arsenal fans not to 'expect miracles'.
The Gunners manager has been criticised in some quarters for not chasing big-name players, particularly in light of a trophy drought that stretches back to May 2005.
He has made it clear that he will not be changing this policy, comments which had appeared to indicate he would not be in the market for new faces when the transfer window reopens.
However, Wenger has now revealed that he is prepared to strengthen his squad if the right person becomes available, although he doubts whether there will be many options of the highest calibre.
Responding to suggestions that he was not planning any business in the New Year, Wenger said: "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."
Wenger also dismissed speculation linking some of his players with moves away from the Emirates Stadium.
Denilson and Nicklas Bendtner have both been tipped to move elsewhere after having limited opportunities to impress this season but Wenger maintains there is 'no truth at all' in these stories.
He added: "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 Monday and Manchester City the next visitors on 5th January.
City's defeat to Everton on Monday cost them the chance to go top of the 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.
"We have played at Man Utd, at Chelsea, at Liverpool, at Man City, and we know that our season is at the Emirates now. I
"It is the home form against the big sides that can allow us to make the difference."
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