The Black Cats' manager insists he is unconcerned by his own side's lack of early business and thinks a lot of cat-and-mouse tactics in the market will soon come to an end
Other than Chelsea's big-spending, many clubs across the league still have significant business to conduct with the new domestic season just over two weeks away.
O'Neill admits that has come as a surprise to him, but the ex-Celtic and Aston Villa boss thinks that will now change very quickly as we move into August.
"I am surprised that so little has been done," he said to the Sunderland Echo.
"But I genuinely think there will be movement now. Whether we are all waiting for the big boys to move and we all see what's left, I don't know.
"I do think there'll be a bit of movement soon though because of one of two deadlines - either the start of the season on the 18th or 12 or 13 days further forward at the end of August."
The Black Cats boss has only brought in Carlos Cuellar on a free transfer from his former club at Villa Park so far, but insists he is unconcerned by the lack of swift movement from his own side.
"I think you just have to have patience. You work on the assumption that things will happen for you," said O’Neill. "I'm not overly concerned just at this moment.
"It's not right to publicise what we're doing at this minute but we have made a number of bids for a number of players and we're still waiting to hear back.
"There's some movement afoot where we're waiting to hear back and then on others, we're waiting to see what our next step is, but at least we've got some things going on.
"Of course, I would like players to be here for the start of the season but I'd rather get them in before the end of August than not at all.
"I remember when I was at Leicester after we got promotion and we brought in two players, Kasey Keller and Spencer Prior, two days before our first game at Roker Park. So you can settle in fine. Football is not that difficult."
One player the club have been heavily linked with is Wolves striker Steven Fletcher, with reports claiming the Championship club have rejected a £10 million offer from Sunderland for the Scot.