The Gunners, who are said to have £70m to spend, are keen on signing a new striker following their reported failed attempt to secure the signature of Gonzalo Higuain, who opted for a switch from Real Madrid to Napoli.
"We are working very hard to strengthen our squad," Wenger said in a press conference. "I am confident. You look at many teams around us. Nothing has happened until now.
"This team with financial potential as well. At the moment the market hasn't moved a lot. Apart from Man City, nobody has done anything."