The Gunners were expected to add some experienced faces to their crop of youngsters, with Andrei Arshavin reported to be close to a move to the Emirates.

However, despite being linked with numerous top names it would appear that new recruits will be thin on the ground.

Arsene Wenger has already seen his side slip out of title contention in the Premier League this term, but will not be handed a financial war chest in an effort to resolve the club's problems.

"I don't think there is a lot of money anywhere," Hill-Wood said in the Daily Star.

"One has got to look ahead - in the future there is probably not going to be much more money coming in.

"We have got money, but I am not sure we are going to spend it. We've got to continue to run the business in a sensible way.

"It may sound boring, but we are not going to rush out and spend fortunes on people who won't help us achieve anything better than where we are at the moment.

"Arsene has a lot of young, talented players at the club and I think he will probably give a chance to one or two of them."