The Londoners, double winners in 2001-02, added only German keeper Jens Lehmann to their squad in the close season while Chelsea owner Roman Abramovich splashed out over 100 million pounds ($176.5 million) on fresh talent from around Europe.

Wenger told a news conference on Tuesday he could see no immediate need to bolster an Arsenal squad already well placed in joint second with Chelsea, a point behind leaders Manchester United, before the December 26 premier league programme.

"At the moment, I'm not in the market. I don't see any reasonable target," he said.

"Money is available. If I change my mind, I'll let you know but we don't want to buy for the sake of buying."

"The fact that Chelsea and Manchester United bought so many players pushed us to think, come on, if we want to be up there we really have to go for it, and that's maybe why we are still there," he added.

"We have big confidence and the players feel they've worked very hard to be in an ideal situation, but they know as well that Man United and Chelsea are there and don't lose any ground.

"The hunger from not winning (the league title) last year is there."

Chelsea have indicated their Russian billionaire owner may curb his spending during the month-long January transfer window, one of only two periods in the season when Europe's top-flight clubs can buy and sell players.

Wenger, whose team play bottom club Wolverhampton Wanderers at Highbury on Friday, believes Arsenal's extra experience as a unit gives them an edge over the Chelsea big names who have only been playing together as a team for this season.

Alex Ferguson's United, though, may be in the market for a replacement for defender Rio Ferdinand, who was banned for eight months by the Football Association last week for missing a drugs test.

The Arsenal manager, meanwhile, is delighted with Lehmann's success following his move in July from Bundesliga side Borussia Dortmund to replace former England keeper David Seaman, who transferred to Manchester City.

Lehmann, 34, arrived at Highbury with a reputation for being outspoken and temperamental but has delivered a series of outstanding league performances and mastered his temper, according to Wenger.

"I respect him a lot because he is a 100 percent winner," said the Frenchman. "He is a wonderful guy, very professional. Every day he wants to be a better player than the day before.

"When I speak to him, I can see there is a true ambition in him."