Mauricio Pochettino says it will be "difficult" to make any signings before the transfer window shuts.
Tottenham are the only Premier League club not to make an addition to their squad and Pochettino admits any arrivals are unlikely before the 5pm deadline.
The club have been linked with a number of names over the summer, notably Aston Villa midfielder Jack Grealish, who they had a £25million bid for rejected on Wednesday.
With just hours to go until the window shuts, it looks like being a fruitless period for the club, who Pochettino challenged to be "brave and take risks" at the end of last season.
The Argentinian said: "I think it's so difficult now because it's only a few hours until the end and I don't have news now. It's sure it will be so difficult. Always, until you finish the game, you cannot say, 'Now it's the end of the game'. But in four hours it will be difficult to sign some players."
The tonic to that lack of transfer activity is that Spurs have been able to keep all of their top stars, with a number of them tied down to new deals.
The window remains open to European clubs until the end of August, so there is still the possibility of players going out even after the English deadline passes.
Toby Alderweireld, Danny Rose and Mousa Dembele could still leave in the next few weeks, but Pochettino has been able to keep hold of the likes of Harry Kane, Christian Eriksen and Kieran Trippier.
Alderweireld was heavily linked with a move to Manchester United but any firm interest never materialised.
"We have a very good squad, with very good players and it is very difficult to add players to that," the boss added. "We didn't sell players and with 25 players in the squad it is difficult to add players.
"It's not about adding because it's fashionable to sign players. It's about if you really need them or not and then if you can get your target or not.
"It's true our targets are always the same level as Manchester United, Manchester City or Real Madrid but for different circumstances we can't achieve that.
"I am not worried, I am not sad, I am so happy. To keep our best players was our objective and goal and we have achieved that - at the moment, we will see what happens in the next 20 days in Europe.
"If you can't add a player that can improve your squad, the most important thing is to make sure you do not lose your best players and I think that was a great job from the club to keep the best players and the manager."
Pochettino does accept how the lack of activity might be viewed externally, but is happy with the club's vision.
"Of course it's difficult to understand for people in football that Tottenham didn't sign or sell players, but sometimes in football you need to behave differently," he said.
"If we are happy with our squad and cannot improve our squad, sometimes it's better to keep our squad together.
"There's no reason to not trust in our squad and no reason not to believe in our club or believe in what we can do.
"The most important thing is we're so positive and of course we're going to challenge for big things this season too."
