Wenger can spend

"We have always managed to get players that Arsene has wanted. How we compete in the transfer market in January depends on how everything pans out.

"But if Chelsea are going to spend another £100m during the next transfer window we won't be able to compete with that."

Arsenal expect to have restarted work on their £400m new stadium project at Ashburton Grove before January by securing the £200m in bank loans they have been waiting for.

Edelman said he expects them to make a funding breakthrough in the next five weeks. That could further increase Wenger's transfer budget.

He added: "It is not true that the new stadium project has held up the acquisition of players. We are managing our business well and have to continue to do that."

Meanwhile, Edelman said he believed the biggest challenge facing Peter Kenyon when he takes charge at Chelsea will be increasing their fan base.

He said: "Peter is obviously a very good executive and made a personal decision to move.

"The big difference between Manchester United and Chelsea is that United have a much larger supporter base than any other club in this country and these things do not grow quickly.

"The competitive dynamics in English football have altered because Roman Abramovich has put a lot of money into Chelsea but how much they have changed we will have to wait and see.

"But I think Kenyon's move to Chelsea is a further statement of their intent."