Arsene Wenger has not ruled out the possibility of Arsenal making additions to their squad in January, but played down talk of a mid-season move for Thomas Lemar.
Arsenal launched a £90m (€100m) offer on a momentous transfer deadline day in August as they attempted to bring the Monaco midfielder to the Emirates Stadium.
The club failed to get the deal over the line in time, however, prompting the Gunners to pull the plug on Alexis Sanchez's proposed switch to Manchester City.
Liverpool also emerged as a serious contender to sign the Lemar in the final week of the transfer window, making two bids of their own for the France international.
Monaco vice-president Vadim Vasilyev confirmed in October both Premier League giants had made approaches for Lemar, but explained it was Arsenal who were "really close" to finalising a deal. Vasilyev also suggested the club's prized asset is likely to leave the club next year, with the Daily Telegraph now suggesting Barcelona are ready to rival the Gunners for Lemar's signature.
Speaking ahead of his side's Europa League clash with Red Star Belgrade on Thursday (2 November), Wenger was quizzed on the latest reports concerning one of the club's transfer targets. While he dampened talk of a move for Lemar, Arsenal could still be active in the New Year.
When asked about the possibility of trying to revive a deal for the French midfielder in January, Wenger told reporters: "No. At the moment, I told you I have a big squad, the problem for me is to keep the squad together for the rest of the season. Do we go into the January transfer market? I don't know yet."
Wenger also dismissed the possibility of a January move for Leicester City star Riyhad Mahrez.
Arsenal can seal their qualification for the knock-out stages of the Europa League with a win at home to Red Star on Thursday, before they travel to the Etihad Stadium to take on Manchester City in their biggest test of the season to date on Sunday.