Defender Sebastien Squillaci became the Gunners' third recent capture last week after Marouane Chamakh and Laurent Koscielny also arrived at the Emirates Stadium this summer.
But Wenger, speaking after Arsenal's victory at Blackburn on Saturday, admitted movement in the market was now 'dead'.
However, while conceding he is not close to making any further captures, Frenchman Wenger insists it is still a possibility.
"It is dead at the moment," Wenger told the Gunners' official website. "But maybe not finished.
"At the moment I would say, as it is today, it is finished."