But after Arsenal secured funding for their new stadium in February they told Wenger the money is there if he wants it.
Managing director Keith Edelman said: "Having got the funding through gives us significant transfer funds over the next two to three years and beyond. We will have much larger transfer funds available than we have ever had before.
"You saw some of that with the purchase of Jose Reyes, which was a transfer we could only have done with the funding arrangements in place. That is the start of what we can begin to afford on a net basis.
"Chelsea are a different kettle of fish but we will be up there with the largest clubs in Europe."
Yesterday the club declared pre-tax profits in the year up to 31 May of £10.6m and they expect to receive around £100m from the sale of three sites surplus to the development of the new stadium.
Former Arsenal striker Sylvain Wiltord, 30, has signed a two-year deal with Lyon. He has been without a club since his Gunners contract expired at the of June.
