The Gunners coach - who revealed he has recovered from coronavirus - has opened up after FIFA announced this week the summer window will be allowed to move, while the recommendation is player contracts should be extended until the end of the season, whenever that may be.
Mikel told Sky Sports: "I'm planning two or three different scenarios that we can face. Depending on one of those three, we will be able to do more, less or nothing.
"We have to react daily. We don't know what the financial situation is going to be, we don't know the rules, the timing, the window. There are so many things we cannot control at the moment."
While Arsenal chiefs still need to come to an agreement with Pierre-Emerick Aubameyand over a new deal, the club also have Dani Ceballos and Cedric Soares on loan and there is an option to buy defender Pablo Mari.
The 38-year-old coach also commented on his plans for turning the team's fortunes around.
He added: "This is a good time to reflect on what we're doing. I joined at the busiest moment in the calendar year in December. We had some momentum, and it's a shame that we had to lose it but we have to make the most out of this time."