Woodward told MUTV: "There is no fixed budget. Financially we are extremely strong, we have funds available.
"Louis [van Gaal] is the boss and is assessing what's going on but we have been in dialogue for some time about targets so there is a lot of work going on behind the scenes. We're continuing to move forward on some of those targets, so watch this space.
"I've experienced a lot of conversations with agents and players and we are still a huge attraction to top football stars around the world, there is no doubt about that."
Woodward also indicated that a number of players will leave the club before the start of the 2014-15 Premier League season.