Tottenham boss Harry Redknapp will have to sell players before adding to his squad.
After spending Â£45million last January, chairman Daniel Levy revealed at the club’s Annual General Meeting on Thursday that he is not expecting much activity.
“We do not envisage being very active in the January transfer window, although we will take note of any opportunities that arise,” said Levy.
“That is with the proviso, however, that we do not envisage any net spending.”
Levy added: “Having a settled squad gives us the best chance for consistency. We are striving for top-level displays, including the ability to take on and beat the so-called top-four teams.”