Sir Alex Ferguson is still looking to add to his Manchester United squad, but insists the Premiership leaders will not 'panic buy'.
Since the opening of the transfer window, Henrik Larsson has been the only arrival at Old Trafford on a short-term loan from Helsingborgs.
United are keen on Southampton starlet Gareth Bale and are understood to have had a £5million offer rejected earlier this month.
Reports claim Ferguson wants to watch Bale before deciding whether to up his offer and he concedes it is not easy making new signings in the January transfer window.
"We are working on one or two things, but don't hold your breath," said Ferguson.
"Overall the question of signing new players in mid-season is not as straightforward as it might appear.
"We have had mixed fortunes taking new people on board halfway through the season. I much prefer a newcomer to have the benefit of pre-season training.
"And we are certainly not in a position where we need to panic buy."
Owen Hargreaves remains a target for Ferguson, but he acknowledges his pursuit of the Bayern Munich midfielder is complicated.
He added: "Whether that will be possible right now is not clear and obviously it's not entirely in our own hands.
"It's difficult. Someone (at Bayern) will say something, then someone else will say something different.
"We're working away, but it's never easy."