The Gunners are keen to add a defender and a winger to their ranks but head coach Emery has confirmed there is no money available for permanent deals.
Arsenal are fifth in the Premier League and have an upcoming FA Cup fourth-round tie at home to Manchester United.
Emery's side are also in the last 32 of the Europa League where they will face BATE Borisov over two legs next month.
The Gunners signed Bernd Leno, Stephan Lichtsteiner, Sokratis Papastathopoulos, Lucas Torreira and Matteo Guendouzi in the summer at a cost of over 70million - but Emery conceded the winter window will be much more frugal from Arsenal.
"We cannot sign (players) permanently," he said. "We can only loan players. Only loan players.
"I can say to you that the club is working, the club is telling me the different situations in each moment. At the moment, we haven't had any news today about that."
Arsenal have been linked with Barcelona winger Denis Suarez, Yannick Carrasco of Dalian Yifang and Ever Banega from Emery's former club Sevilla.
Asked specifically about a move for Suarez, Emery said: "I don't know his situation now. We can only sign players later on.
"I know the club is working on possibilities of which players can help us with big performances like we need now."