Arsene Wenger says Arsenal are 'ready to spend' in transfer window

Arsene Wenger says Arsenal are 'ready to spend' money in the transfer window, as long as it is done in the right way.

The Gunners were booed from the pitch at the Emirates Stadium on Sunday, after losing 4-3 to Liverpool in their opening Premier League game of the season.

With captain Per Mertesacker and Gabriel Paulista injured and Laurent Koscielny still regaining fitness following Euro 2016, Wenger was forced to select 20-year-old Rob Holding alongside 21-year-old Calum Chambers at the heart of Arsenal's defence.

Wenger refused to provide an update on Arsenal's reported move for Valencia defender Shkodran Mustafi with Sky sources understanding the player has agreed to join Arsenal, but the clubs have yet to finalise a fee.

When asked about the deal, Wenger said: "I believe it is better I don't talk about any individual player. We are ready to spend the money we have. It's not my money. It's important to spend money the right way."

When Wenger was asked if conceding four goals at home against Liverpool has increased the urgency for Arsenal to sign a centre-half, he said: "It was important before the game. You do not sign players because you think it's very important or not.

"I think it's very difficult to find players and identify them. That's why everyone is on the market for the same players and the deals."

Arsenal have reportedly been searching for an experienced centre-half, but have so far been unable to get a deal over the line with Holding - who was signed from Bolton Wanderers for £2m - viewed more as a player for the future.

I believe it is better I don't talk about any individual player. We are ready to spend the money we have. It's not my money. It's important to spend money the right way.

Wenger's only major purchase of the summer so far is midfielder Granit Xhaka, who arrived for £34m from Borussia Monchengladbach.

That is in stark contrast to the rest of the Premier League, with clubs on course to break the summer transfer window spending record of £870m which was set in 2015. An estimated £837.48m has been spent by Premier League teams so far, with just under two weeks remaining until the window closes on August 31.

Wenger believes Premier League teams' lavish spending could have a detrimental effect over the longer term.

"There are two markets - one for English clubs and one for others," Wenger said.

"English clubs can suffocate themselves. They have to pay massive wages, even when the players go out (on loan) they have to pay half their wages.

"That means over a longer period, the advantage for English clubs will drop."

Wenger has also been frustrated in his efforts to sign a striker this summer with England international Jamie Vardy turning down a move to the Emirates, although reported target, Alexandre Lacazette, is open to "offers that can't be refused".

Vardy will line up for Leicester City against Arsenal at the King Power Stadium on Saturday and Wenger insists he respects the forward's decision to remain with the reigning Premier League champions.

"You have to respect decisions of people," Wenger added. "That's part of it. In every transfer market you have one or two with decisions to make and you have to respect them.

"Look at the whole market. Very little happens. It's about the availability of players. Huge amounts can be spent on average players.

"On Vardy, you should ask him that question. I cannot answer for him."

Elsewhere, Wenger also says he is keen to keep Serge Gnabry and extend his contract at the club.

It is understood Arsenal are prepared to let him go in this window to get first team football but will only entertain loan offers. German club Hertha Berlin have made their interest public and hope to find out this week if they can sign the player.