Arsenal manager Arsene Wenger has admitted that the club are not close to signing any of their summer transfer targets.
The Gunners have been negotiating with Real Madrid to sign Gonzalo Higuain for the majority of the summer and last week had a £30m bid rejected for Liverpool striker Luis Suarez.
Arsenal have also been linked with a move for Manchester United's Wayne Rooney, but Wenger has conceded that the club have no imminent news on potential arrivals.
"We work hard but we are not close to signing anybody," Wenger told reporters in Asia, where the club are gathered for their pre-season tour.
"The competition in Europe is very hard at the moment. There's a lot of money and not many players."
Arsenal recorded a 7-1 win over Vietnam on Wednesday.
