The Gunners have already put in a £40,000,001 bid for Liverpool striker Luis Suarez but Wenger is relaxed about the lack of progress on the deal and is not expecting transfer activity ahead of the Emirates Cup next weekend.
"We are ready to do quick deals but all the transfers do not depend only on us," said Wenger, quoted in the Daily Mirror. "But we are prepared to wait. It looks unlikely before the Emirates Cup.
"We still have a strong squad but we are there on the market to try to strengthen our team. With or without additions we can be title challengers next season."
Liverpool boss Brendan Rodgers has publicly questioned the wisdom of Suarez leaving Anfield to join Arsenal as he insists it would be a sideways step - but Wenger would not be drawn on the matter.
"He must explain that," added the Arsenal boss. "I don't know. We are not close to signing Suarez or anybody else so there's no reason why I should talk about it.
"There is nothing to say. I have been away now for two or the weeks and it's hard to see how things are advanced because everyone is on tour at the moment and it's very difficult to get in touch with people.
"What has changed recently is that in Europe some countries like France suddenly have bought some very talented players who two or three years ago would all have come to England. It makes the chase for talent very difficult.
"What we want is not a name but a good player. The name is less important. What is more important is the quality of the player. At the moment I must tell you we are not close to signing anybody.
"We try to do the job and we will try to do it well. But that is in front of us. We have worked a lot but nothing has been concluded with anybody.
"Of course we want to do as many top players as we can. But we also have to focus on the players we have and develop them."