The Premier League leaders have been linked with moves for Mirko Vucinic, Julian Draxler and Alvaro Morata this month but the Frenchman does not expect any new faces at the Emirates Stadium.
However, Wenger did admit that he would not be averse to adding to his squad should the right deal present itself.
"It looks unlikely that we will sign anyone," the 64-year-old said ahead of Friday's FA Cup fourth round tie against Coventry City. "We are not close to anything.
"If something exceptional turns up of course we will do it.
"Not everybody will strengthen, they will buy but 'buy' does not always mean 'strengthen'."
Wenger went on to say he is eager to negotiate with club captain Thomas Vermaelen over a new contract.
"I'm ready to extend Vermaelen's contract. He is a quality player and I'm open to it," he added.
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