The manager is still anticipating movement in both directions before the deadline on August 31 - just not as much as last year.
"Some things can still happen," he said.
"I don't want make a promise that I cannot keep. It does not only depend on me. But there still could be some action on the transfer market - ins and outs."
"We are working [in the market]," he went on. "We'll see what we can do.
"The transfer market is open for two months and yet for one month and three weeks it is nearly closed. It wakes up completely in the last week and then every minute becomes important. Everybody has played for time for seven or eight weeks and now suddenly everyone is in a hurry. And that is when the most intense activity happens.
"We knew we had to buy [at this point] last season. We had lost Wilshere and Gibbs. We had just beaten Udinese in the Champions League but had just lost to Manchester United. This season is completely different. We have a good, stable, focused squad. We just have to show how good we are in the season.
"We have Diaby and Oxlade-Chamberlain back now while Rosicky and Wilshere are coming back. They are all international-stature players. I focus highly on that. If we get these players back in good shape then we have a very, very strong squad."