The Arsenal boss openly admits he would like to add another midfielder to his squad, which lost the likes of Alexander Hleb, Mathieu Flamini and experienced Brazilian Gilberto this summer.
Although Samir Nasri - who has already scored twice in three appearances - arrived from Marseille for US$24 million, there have been calls for Wenger to add more established stars to his depth of youthful talent.
Arsenal director Danny Fiszman maintains Wenger has money to spend - and that the board would back their manager if he wanted to splash US$60 million on one player.
The likes of Liverpool's Xabi Alonso, England international Gareth Barry and also £8million-rated Swiss playmaker Gokhan Inler have all been linked with a move to Emirates Stadium, while Wenger on Friday insisted there was "no interest at all" in Feyenoord's Jonathan de Guzman.
Wenger, who landed Lassana Diarra on deadline day 12 months ago, said: "Last year it was at midnight - and we are ready to stay up all night this time if it is needed.
"We have still a long time to go.
"For a while they all talk the talk and nothing happens, then in the last four or five days every half-an-hour there is a headline saying someone has signed somewhere.
"When you have experience of transfer dealings, you know that as long as something is not signed you know it can change very quickly so you can look very silly, so you don't want to come out and announce it."
Wenger added: "We are out to look, if we find the right players we will do it, one or two.
"However, I believe it's more interesting for us to focus on our strengths and quality rather than looking outside. I know it makes headlines, but it doesn't make you win games."
Wenger again rejected the suggestions he needed to bring in a big name with a hefty fee, as title rivals Chelsea have done more than once this summer.
"I buy the players I feel strengthen the squad, after that I consider the price," he said.
"I do the job I think it has to be done, considering the resources of the club and considering our ambition, and the players we have.
"I know the media and supporters sometimes too are happy with big numbers, but for me what is most important is big quality. Sometimes both are linked, but not always."
Arsenal shrugged off any talk of a crisis when they thrashed Steve McClaren's FC Twente side at Emirates Stadium in midweek to book their place in the Champions League group stages once again.
The Gunners reward was a couple of potentially tricky away journeys to Dynamo Kiev and Fenerbahce, while Porto also await in Group G.
Wenger said: "There will be some long, difficult trips - but we want to cope with it and of course come out of it.
"It gives you an edge in the Premier League if you qualify early, then you are not under stress to give absolutely everything in one important game later in the group."
Arsenal will aim to get their domestic challenge back up and running after defeat at Fulham when Newcastle come to Emirates Stadium for tomorrow afternoon's early evening kick-off.
The Toon Army have been galvanised by the return to form of their England striker Michael Owen, who has netted in both of his appearances so far - including an extra-time winner in the Carling Cup at Coventry.
Wenger is a big fan of the former Liverpool and Real Madrid frontman.
"When I arrived in England, Owen was a young boy, very promising, and he looked absolutely fantastic because he was very quick, sharp and intelligent in front of goal," said the Arsenal manager.
"He is not just a goalscorer, he can make assists, has good link play, makes runs. Owen gets where he needs to be as he reads the game."
Arsenal have no fresh injury worries and Wenger is likely to rotate his squad - which could mean a return to the starting line-up for Togo striker Emmanuel Adebayor, who was relegated to the bench against Twente.
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