Unai Emery has revealed he will only be allowed to sign players on loan in this January transfer window as Arsenal have no money available for permanent transfers.
Emery had admitted that the Gunners need to add a defender and winger to their ranks but he has now said that the club will not be making any transfer funds available to him.
Arsenal, who sit fifth in the Premier League, have an upcoming FA Cup fourth-round tie against Manchester United and are in the last 32 of the Europa League, spent over £70m in the summer but there will be no repeat of that spending in the current window.
The Gunners signed Bernd Leno, Stephan Lichtsteiner, Sokratis Papastathopoulos, Lucas Torreira and Matteo Guendouzi in the summer, but this time Emery will only be looking at loan moves.
"We cannot sign permanently," Emery said. "We can only loan players. Only loan players.
"I can say to you that the club is working, the club is telling me the different situations in each moment. At the moment, we haven't had any news today about that."
Arsenal have been linked with Barcelona winger Denis Suarez, Yannick Carrasco of Dalian Yifang and Ever Banega from Emery's former club Sevilla.
Asked specifically about a move for Suarez, Emery said: "I don't know his situation now.
"We can only sign players later on. I know the club is working on possibilities of which players can help us with big performances like we need now."
Ramsey set to join Juve in the summer
Emery also praised the attitude of Aaron Ramsey as the Wales international moves closer to agreeing a deal to join Juventus in the summer.
Ramsey can leave for free in the summer when his contract expires, or even in January if a fee can be agreed, but Emery is pleased with the continued application of the 28-year-old.
"My idea and focus, I say to him every day, is that we need his performance for us," he said.
"In the last match I was very happy with him. I asked in the last match at Blackpool (in the FA Cup) if he is okay to help us play and he said, 'Yeah, coach, I want to play' and he played with a very big commitment to us.
"After, his future belongs to him, his family and agent. Every day he's here with us, he's working very well. I want his behaviour and his focus to be on West Ham on Saturday."
There was better news for Emery ahead of Saturday's Premier League trip to face London rivals West Ham.
Arsenal struggled with injuries throughout the festive fixtures but can welcome back a host of players for the derby at the London Stadium.
Mesut Ozil, Laurent Koscielny, Hector Bellerin, Nacho Monreal. Shkodran Mustafi and Konstantinos Mavropanos are all back in full training and under consideration for the weekend.