The Gunners boss is under pressure to add to his squad following his worst start to a season with the club, but is only in the market for signings who will make a real difference
The Gunners have endured their worst start to a season since the 63-year-old took charge, yet still sit in fourth position in the league - albeit level on points with Everton, Tottenham and West Brom.
And while the manager is under pressure to add to his squad and secure Champions League qualification, he hailed the team's "will to win" and believes he has a good squad at his disposal already.
"We are in the market, but only if we find players who will really strengthen us because we have a good squad. But if we find an exceptional player then we will take him," he told reporters.
The Gunners are 13 points behind league leaders Manchester United and have been defeated by Chelsea, Norwich, United and Swansea so far, while also losing a shock Capital One Cup quarter-final to League Two side Bradford.
Despite the disappointing domestic form, the north London team will play Bayern Munich in the last 16 of the Champions League - and Wenger believes his side have the mentality to succeed this season.
He added: "We lacked fluidity in our attacks [against Wigan] and continuity in our attacking play, but we won because of our will to win, and with the way things are now I won't turn my nose up at that."
Former fan favourite Thierry Henry looks unlikely to rejoin the squad on loan after New York Bulls head of global soccer Gerard Houllier he has not heard about any potential deal for the French forward.
And long-term striking target Klaas-Jan Huntelaar has dashed the hopes of fans hoping to see him at the Emirates Stadium by committing his future to Bundesliga side Schalke.