Arsenal had been linked with moves for a number of players and had been expected to add to their squad after a spate of injuries in the last month.
But Wenger - who dismissed speculation linking the club with a move for Schalke midfielder Julian Draxler - insists he will not bring in a player this window purely for the sake of it.
"It looks very unlikely," Wenger said regarding the prospect of bringing any new faces in this month. "It is 23 January today and at the moment I must say we are not close to doing anything.
"I feel a bit guilty always going to a press conference during the transfer market and having nobody to announce (as a signing) but I don't want to lie.
"We have Chamberlain back, Bendtner back and I hope next week Arteta and Ramsey back, so I feel overall we have the squad needed. We have Yaya Sanogo coming back into the squad next week as well.
"Overall we have a very strong squad. If something exceptional turns up we will do it but having said that not everybody will strengthen. They buy, but buy does not always mean strengthen."
Meanwhile, Arsenal face Coventry in the FA Cup fourth round in front of a sell-out crowd on Friday evening and Wenger insists his side will be going all-out for victory.
"I have total respect for people who will come to this game and it is a sell-out. It's fantastic," he said.
"We have to prepare for this game seriously. We are on a good run and we want to gain respect
"I know much more than you think about Coventry," he added. "I've had many difficult games against them."