The Frenchman has been quiet since the market opened despite several of his stars being linked to a move away from the Emirates Stadium.

Wenger is expected to sign Lille striker Gervinho in the coming days, but said on Saturday it was likely more moves would be made later in the window, which closes at the end of August.

"Currently, everyone is standing still," he said.

"Everyone expects everyone else to make the first move. Everyone holds on to their cards, hoping for the major transfer."

"Nobody blinks until late July, early August. Then, we will analyse the gaps in each team, but I am very active on the phone."

Midfielders Cesc Fabregas and Samir Nasri, as well as defender Gael Clichy, have all been linked to moves away from the club.

Arsenal, who finished fourth in the English Premier League last season, will begin their 2011-12 campaign with a trip to Newcastle on August 13.