Transfer news: Arsene Wenger calls for calm over lack of transfers at Arsenal - but claims current squad can compete for Premier League title

The Gunners boss has spoken to dismiss fears that the club are missing out on transfers despite having signed just one player so far this summer

Arsene Wenger: 'I am confident we will hold our nerve' (Getty Images)

Arsene Wenger has spoken on the club’s transfer plans to confirm that the he is working on bringing in new players to strengthen his squad, but believes his current crop of players are good enough to challenge for the Premier League title.

Arsenal were said to have a £70m transfer budget at the beginning of the summer, but so far they have brought in just one player when they added French Under-21 striker Yaya Sanogo on a free transfer meaning they paid a minimal compensation fee due to his age.

They have seen two bids rejected for Liverpool striker Luis Suarez, and also missed out on Real Madrid forward Gonzalo Higuain who moved to Napoli for £34.5m with Arsenal unwilling to meet the inflated fee once Real hiked the price from £23m.

Speaking on Emirates sponsored ‘Google Hangout’ Wenger said: “We are still working on improving our squad. But we have a base of young players, players who started in the Premier League with us, like Wojciech Szczesny, Carl Jenkinson, Alex Oxlade-Chamberlain.

“That is why what we do is unique. Look at our competitors, who in the last 10 years has started for them in the Premier League and is still there now?

“I believe my squad have a special bond and that they are on their way upwards, they are not over the hill, they will get better. I am confident we will be stronger next season.”

Wenger is the only manager of a top four club from last season that starts this season with the same manager, with Sir Alex Ferguson’s retirement meaning that all other 91 clubs in the football league have changed their manager since Arsenal last won a trophy.

But the Frenchman thinks this may give him an advantage over his rivals as he looks to hit the ground running- something that cost Arsenal dear last season as they required an impressive 10-game unbeaten run to clinch the final Champions League qualifying position on the final day of the season.

“It gives me a slight advantage because I know my squad well,' the 63-year-old claimed. “It will take my rivals some time to know theirs, except Jose Mourinho, who knows some of his from before.

“But we should focus on our strengths rather than expect any weakness from the others.

“It is important to have a strong start and raise belief. Last season when we lost Robin van Persie we had a sceptical environment around the club. We need the crowd to be behind the team.”

Wenger also spoke on his passion for the game, which he said is no different to when he started his career as he prepares for his 17th season in charge of the Gunners.

“There are two kinds of people who hate to lose, and those who love to win. I personally hate to lose because that is a failure when you lose a football game.

“But I love to win as well because you could think the style of play I love has triumphed when I win the game.”