The Gunners have been linked with a number of top players in recent weeks, including Real Madrid striker Karim Benzema and Juventus midfielder Paul Pogba.
But although the Frenchman refused to rule out any activity in the winter window, he refused to divulge any of his plans.
“I don’t rule it out at all, but saying that I don’t want to encourage more speculation.
“We have just come out of a transfer market that has been very agitated, so let’s not go into the next one today! I just want to focus on football now.”
He continued: “For me, the transfers are not the most enjoyable part of the game.
“For me, the most enjoyable part of the game is to watch the team play football, to win the match and produce good quality football.
“But this [transfer speculation] is part of the job so you have to do it as well as you can.”
ENHANCED ODDS: Get 3/1 on England to beat Estonia