The manager confirmed deals for Shkodran Mustafi and Lucas Perez are close to completion, while Alex Oxlade-Chamberlain and Calum Chambers can leave on loan.
Arsene Wenger is “99 per cent” confident Arsenal will sign new players for the end of the transfer window.
Goal understands deals have been agreed for Valencia centre-back Shkodran Mustafi and Deportivo La Coruna striker Lucas Perez for a combined fee of close to £50 million.
Offers of €40m and €20m were accepted for Mustafi and Perez, respectively, on Thursday and the pair will now travel to London to undergo a medical.
“We are working on the deals, but we are not close enough to announce today,” Wenger told reporters.
“Will we sign anyone before the window closes? I’m 99 per cent confident.”
He added: “It was a strange transfer market, I expected it to be easier than ever, it has been more difficult than ever.
“It looks like it will be frenetic in the last three days, everyone has sat on their money but we know they will all splash out now.”
The two incoming deals paves the way for Alex Oxlade-Chamberlain and Calum Chambers to leave on loan, though Wenger insisted neither will be sold and no further incomings will happen.