Harry Redknapp today revealed Tottenham chairman Daniel Levy had been urging him to splash the cash in the January transfer window.
It was widely thought Spurs needed to sell before they could buy when the window opens tomorrow, but it now appears Levy is ready to bankroll the club's push for a second straight Champions League campaign and even a tilt at the Barclays Premier League title.
Manager Redknapp is eager to reinforce his squad but is reluctant to make signings just for the sake of it, admitting finding the right players was proving difficult.
"The owner would like me in all honesty to go and spend his money and buy somebody who could make the difference," he said.
"But I don't know where that player is.
"I know where they are but they're not for sale - we can't go and buy the people that you'd put your life on.
"Anybody whose got anybody who's real top class, they don't want to sell them at this stage of the season.
"We're not in the situation where we need to panic buy.
"Unless it's somebody who's going to make a difference to the team then we really wouldn't bother."
Redknapp's problem is improving a squad that is already one of the strongest in the country.
He added: "We've got good players. We've got players that are getting better, which is great.
"(Gareth) Bale, what a year he's had. Luka Modric, he's just been incredible.
"You've got (Rafael) van der Vaart here now who's come in and, when he's been fit and playing, has just been fantastic."
Several players have been linked with loan or permanent moves away from White Hart Lane during the window, including Robbie Keane, David Bentley, Luka Modric, Giovani dos Santos, Niko Kranjcar and the injury-blighted Jonathan Woodgate.
Redknapp insisted today no agreements had been reached with any club and reiterated Keane was available for permanent transfer only.
"He still could play a big part for us, I think," said Redknapp on the prospect of no suitable bid being forthcoming.
Tottenham host Fulham tomorrow in their first match of 2011 and Redknapp believes the final games of 2010 have proven decisive in the Premier League season, with the Spurs boss declaring the battle for Champions League qualification a five-horse race.
"Not being disrespectful to the other teams but, the position we're in, it really is beginning to look like it could be the five teams pushing for the Champions League places," said Redknapp, whose side will go fourth if they win tomorrow.
"Who are you going to knock out? You're not going to knock Man United out, Chelsea, Arsenal, Man City.
"It looks like we're going to finish fifth, having said all that!"
He added: "We want to be right up there challenging to get into the Champions League next year and even higher if we can."
Fulham are fighting for their lives at the other end of the table, with Tuesday night's 2-0 win at Stoke easing the pressure on manager Mark Hughes.
Redknapp said: "It's just a case of people - owners - holding their nerve when you have a bad run.
"You have to look at all the circumstances - injuries.
"Fulham lost Bobby Zamora - that was a massive loss.
"For them, he was different class.
"Everything revolved around Bobby Zamora."
Hughes was subjected to chants of "Hughes out" and "You don't know what you're doing" during Sunday's 3-1 defeat to West Ham.
Redknapp said: "No disrespect, what are Fulham supposed to do?
"If they finish halfway, it's a fantastic achievement, in my opinion.
"He's spent no money, Mark. He's gone in there, worked with what he's had.
"I don't know what else people can expect.
"They used to be in the old Fourth Division."Reuse content