At his news conference ahead of the Gunners' FA Cup fourth round tie against Coventry, Wenger is quoted by ESPN as saying:
It looks very unlikely. We are at the 23rd of January today and we are not close to doing anything.
I feel a bit guilty going to a press conference during the transfer window and having no one to announce, but I don't want to lie.
Overall, we have a very strong squad. If something exceptional turns up, we will do it.
As reported by Mirror journalist John Cross, Wenger also denied going on a scouting trip to watch Barcelona in the Copa del Rey on Wednesday evening:
The main man Arsenal have been linked with this month is Julian Draxler, the Schalke star who is currently recovering from an ankle injury.
Draxler would perfectly suit Arsenal's style, and seeing as he could be available, it seems strange that Wenger is not keen to pick him up.
In a WhoScored profile of Draxler from last season, the versatile attacker was rated as having an 81.7 percent passing accuracy, a shot accuracy of 61.7 percent and an overall rating of 7.41.
Per the Mirror, Draxler has a release clause which would allow Arsenal to strengthen their squad as they attempt to win the Premier League title. Although Draxler wouldn't be available straight away, the arrival of a big prospect would boost the dressing room and keep everyone on their toes.
Wenger runs the risk of losing out on the player if he attempts to sign him in the summer, when, as a Germany international, he could perform at the World Cup and attract the attention of other clubs or drive his value higher.
The Arsenal manager claims that if “something exceptional turns up, we will do it.” That line hints that the Gunners remain in the marketplace for a signing, if a deal can be struck at the right price.
Wenger has a track record of completing signings at the end of the transfer window on previous occasions, bringing in the likes of Andrey Arshavin and Mikel Arteta.
Having spent a large amount of money on the acquisition of another Germany international, Mesut Ozil, in the summer, it may be that Wenger is being cautious before spending big again.
But, with Chelsea and Manchester United adding to their squads with a view to the long-term, and Manchester City adding a plethora of signings in the summer, Arsenal must remain competitive by snapping up talent when it is available.