Former England striker Kevin Phillips, who is at Birmingham, and Peterborough forward Craig Mackail-Smith, one of the top goalscorers in League One last season, have both been suggested as targets for Terriers boss Lee Clark, but Terriers chief executive Clibbens urged realism.
Clibbens told the Huddersfield Daily Examiner: "Suggesting we would pay £1m for a player makes a good headline but, in reality, it's nonsense.
"We are an ambitious club and we want to progress, but let's be realistic. We are currently in League One and our development must be within our means.
"There is the perception that we are able to splash the cash, both in the media and among some of our fellow clubs, and our name is sometimes used as a method of creating interest in a player and creating a market for him.
"But as we've stated, our spending will be within the budgets set down and deals will only be completed if they are right for the club."