The Gunners ploughed over £10 million into the acquisition of Spanish starlet Jose Antonio Reyes, and Wenger insists there will be no repeat of that.
"We will not be big spenders, we have spent our big money for Reyes. The major spending has been done," insisted the Frenchman.
"Maybe we can spend £2m or £3m on players twice, but we have youngsters coming through and there is space for them.
"We feel we have an idea who is coming, and if there is a good opportunity, we will take one more striker."
Wenger has once again been linked with Robin van Persie of Feyenoord - the man who he failed to sign in January.
PSV Eindhoven looked set to sign the young forward, but now reports claim that van Persie has been snapped up by Wenger.
Wenger revealed his need for a new forward - particularly as David Bentley is ready to be loaned out next season and his fellow youth team-mate Ryan Smith is out for at least six months with a knee injury.
"We have David Bentley, who will go on loan somewhere to play," he said.
"He is the closest to the first team now but is losing his timing in the reserves.
"We have Ryan Smith, who has tremendous ability, but was kicked down in a stupid match and has had surgery now on a knee injury and could lose six to eight months."
The Arsenal chief revealed that he expected other youngsters such as Cesc, Phillipe Senderos and Justin Hoyte to make the breakthrough.
"Then we have Cesc in the midfield, Senderos could make some appearances and Justin Hoyte.
"We have young players coming through and I will keep some spaces open for some other players next season."
Sylvain Wiltord is expected to leave in the summer, while it remains to be seen whether Dennis Bergkamp will remain so there could be a number of comings and goings at Highbury this summer.
Wenger is again being linked with a goalkeeping swoop - with both Fabien Barthez and Edwin van der Sar being touted as potential signings.
Barthez is available on a free transfer, but his current club Marseille are hopeful of keeping him at the club with an offer of a two-year deal.
Van der Sar is being tipped to leave Fulham, and it is claimed that both Arsenal and rivals Manchester United will compete for his signature.
"Edwin wants to stay in the Premier League. He won't go back to Holland," claimed the goalkeeper's agent Rob Jansen.
"It would not be the right move in his career. I know for a fact he will not leave, but I cannot say if he will still be at Fulham after the summer.
"There are major clubs seriously interested in him at the moment."
Van der Sar had been linked with a return to his native Holland.
