Spurs have already pumped considerable funds into their senior ranks this summer, with multi-million pound transfer fees shelled out for Paulinho, Nacer Chadli, Etienne Capoue and club record signing Roberto Soldado.
The spending spree may be set to continue, though, with Villas-Boas revealing that he is hoping to see further movement at White Hart Lane before the window of opportunity closes on 2nd September.
He told Sky Sports News: "We haven't finished.
"I think we have a very good squad and we have obviously already had some activity in the market, but we are a looking further. There is a possibility."
One of those reported to figure prominently on Tottenham's summer shopping list is Anzhi Makhachkala playmaker Willian.
Pressed on whether he could shed any light on rumours suggesting that Spurs have edged ahead of Liverpool in the race for the Brazil international, Villas-Boas said: "Not really. I have spoken about him in the past, very long ago.
"He is a player that I appreciate, but a player that belongs to Anzhi and I will respect them."
It could be that a late flurry of transfer activity in north London is financed by the sale of Gareth Bale - with Real Madrid still keen on doing a deal - but for now the Wales forward remains part of Villas-Boas' plans, both at home and in Europe.
Ahead of a Europa League qualifying clash with Dynamo Tbilisi on Thursday, he added: "He is eligible for selection because he is included in the UEFA team, on the list we put through. But he's not available because of injury.
"He is going to have a clearing session today (Monday), so hopefully we will get good positive signs."