Moves for Thiago Alcantara and Cesc Fabregas have fallen embarrassingly by the wayside, but the Dane believes his old club cannot spend money for the sake of it
Manchester United legend Peter Schmeichel feels the club should not feel pressured into making a big-name signing.
New United manager David Moyes has endured a difficult transfer window, watching reported targets Thiago Alcantara and Kevin Strootman move elsewhere, while he has also seen bids for Barcelona star Cesc Fabregas rebuffed.
The club's attempts to prize Everton pair Marouane Fellaini and Leighton Baines away from Goodison Park have also thus far been unsuccessful, leaving Moyes short of options in central midfield after the retirement of Paul Scholes.
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But Schmeichel - who made almost 400 appearances for United and helped them to five Premier League titles and their 1999 UEFA Champions League success - feels the Scot already has a terrific group of players at his disposal.
And he has urged Moyes to only make an expensive signing if it will dramatically improve the squad.
Schmeichel told reporters: "I would never bring in a player to make a statement.
"Maybe with a new manager and a new chief executive they feel a need to tell the fans Manchester United still have the power and money and can still sign the players.
"That is important because there are a lot of fans out there who are unsure about how financially strong Manchester United are, and how committed the owners are to spend the money that is being created by the club.
"But the players have to be an improvement. If they are not of the right calibre you stay away from it. You don't sign a player for the sake of it.
"The squad we have is very strong and broad. It has loads of different options in many positions.
"It is fair enough to be looking for strong midfield players who can replace someone like Paul Scholes.
"You need someone in there who can run the midfield with Michael Carrick, but if September 2 (the day that the transfer window closes) comes and it is the same squad I am quite happy."
Schmeichel also weighed into the debate surrounding Wayne Rooney's future, with the forward - who has submitted two transfer requests in the last three years - a reported target of Chelsea.
Chelsea boss Jose Mourinho fuelled the fire by admitting he was still interested in Rooney on Wednesday, but that he would wait until after Monday's fixture against United before continuing their pursuit.
Rooney came in for criticism after failing to celebrate one of United's goals in their 4-1 Premier League win at Swansea City on Saturday, but Schmeichel believes he wants to remain in Manchester.
"I know a lot of people thought Wayne was not celebrating with the team when he scored but he had just made two long sprint runs and was knackered," he added.
"He only played 67 minutes for England in pre-season and had not trained that much either.
"He didn't look like someone who wanted to get away. He looked like someone who really enjoyed playing that game. But he was tired. That was obvious."