The north London club start the Premier League season on Saturday at home to Aston Villa having failed to land any of the big names they have been linked with and their only addition is French youth international forward Yaya Sanogo.
"I don't disagree that we are a bit light at the moment but there is 18 days to go until the end of the transfer market and we are of course looking to strengthen our squad," Wenger told a news conference.
"I understand every frustration, you have so many frustrated people, but what is important is the quality of what you do on the pitch, so let's not create a crisis from nothing," he added.
"We just played a good game last week (a 3-1 win over Manchester City in a friendly) so let's transfer that to the next game and not start to convince everybody that the quality of the team that starts on Saturday will be linked with the number of players we buy between today and tomorrow."
Arsenal have been chasing Liverpool's unsettled striker Luis Suarez but have had their 40 million and one pound ($61.9 million) bid turned down, while they were also linked with Gonzalo Higuain who has instead joined Napoli from Real Madrid.
Asked if Arsenal were still pursuing Uruguay international Suarez, Wenger replied with a smile: "Look, I don't want to come out on any specific name because that would not be alright, usually in the press you are well informed."
Arsenal, who finished fourth last season to secure a Champions League playoff spot, are not the only club having little luck in the transfer window with Premier League champions Manchester United and third-placed Chelsea in similar positions.
"Ideally you would want to be quicker, but to finalise (a) transfer you need agreement of three parties," Wenger said.
"You look at us, Chelsea and Manchester United - it's difficult to find quality players to strengthen the team and squad because there is a shortage of top players who are available.
"It is not the question about spending the money it is a question of finding the right players, you know. As I told you, you are well informed, you for certain have heard that we are not scared to spend money but we want the right players."
With the transfer window shutting on Sept. 2, there is still time for some activity and Wenger hopes to seal a few deals.
"It's impossible to give you a number. The first request is quality to play for Arsenal Football Club. After the number comes in, yes we would like two or three players, if possible more," he said.
"But we won't compromise on the quality of the players."