The Gunners boss has money available to further strengthen in the New Year, and was expected to re-enter the market after a poor run of form from his existing crop of players last month.
But, after three consecutive Premier League victories, Arsenal have re-established their place amongst the top four, prompting Wenger to suggest he will not spend big again in January, unless a top talent becomes available.
"We are in the market, but only if we find players who will really strengthen us because we have a good squad," the frugal Frenchman is quoted by the Daily Mirror.
"But if we find an exceptional player then we will take him."
Arsenal recently stated their intentions to keep hold of all their current crop of young stars when Jack Wilshere, Aaron Ramsey, Kieran Gibbs, Alex Oxlade-Chamberlain and Carl Jenkinson all signed new long-term deals to keep them at the Emirates Stadium.
However, there are still question marks over the future of contract rebel Theo Walcott, who is about to enter the final six months of his existing deal, and appears no closer to reaching agreement over new and improved terms.
But, Wenger was keen to focus on matters on the pitch, as his players recover from Saturday's 1-0 victory over Wigan Athletic and look ahead to next weekend's visit of Newcastle United.
"We lacked fluidity in our attacks against Wigan and continuity in our attacking play but we won because of our will to win," added the Arsenal manager.
"And, with the way things are now, I won't turn my nose up at that."