Tottenham manager Mauricio Pochettino is "not optimistic" of making any signings before Thursday's transfer deadline.
Pochettino said last week that the club were working on some options to bolster their squad before the January window shuts at 11pm on Thursday, but he is now not expecting any incomings.
Outgoings are more likely with a sale of outcast striker Vincent Janssen possible.
Spurs are notoriously late dealers in the transfer market, but if they make no signings they will have gone through two transfer windows without doing any business.
"You know how we work," Pochettino said. "In the last minute everything can happen. Of course different players maybe will have the opportunity to leave the club.
"We're going to see. Of course there's not too much time.
"A few days ago I was very optimistic about some options to sign - realistic options to sign - but today no, I'm not optimistic."
Pochettino insists it will be a club decision if they do not bring anyone in, which he is part of the decision-making process.
"The most important thing is we decide as a club, every single decision is about the club, we share all the decisions," he said.
"It is not me that has £100m to spend or I want to sign or I don't want to sign, the decision is about about working with the club, with the resources we have.
"At the same time I need to take best decision for the club, for our fans, watching the big picture, not only today and tomorrow.
"That is my responsibility as a manager. If we don't sign it is not because I don't want to sign it's because we are not capable to find player that will help us.
"Tottenham we have plenty of opportunity to sign, for different reasons it is difficult to explain to you that we can't sign, not because we don't want."
Spurs, who have gone out of two cup competitions in their last two matches, return to Premier League action against Watford on Wednesday night.
They are boosted by the return of Son Heung-min, who is back from international duty earlier than expected following South Korea's surprise elimination from Asian Cup.
Pochettino has yet to decide whether he will be on the bench or starting.
"Son was good in training," the Argentinian said. "Maybe after the third game he played in between Dubai and Emirates he felt empty because he was so disappointed, but here he's happy and today he had very good energy.
"We're going to decide if he will play from the beginning or the bench but I am very optimistic because he showed very good energy in the training session."
Moussa Sissoko is also back from a knee injury, but Harry Kane and Dele Alli are still injured.