Tottenham manager Harry Redknapp has been told that he must sell 'four or five' players before he can embark on his summer spending.
Redknapp, whose side missed out on the lucrative Champions League spot last season, has already turned down a £22 million bid for star midfielder Luka Modric from Chelsea, but with one of the Premier League's biggest squads at his disposal, Spurs' board are keen to make some cuts to the budget.
"There is nothing happening in the transfer market,'' Redknapp said. "I need to sell four or five players to bring in funds.
"The chairman has made it clear we need to move a few players before we can start doing any business. I keep seeing us linked with this player and that, but unless we reduce our squad numbers we will stay quiet in the market."
Spurs have been linked with moves for strikers Guiseppe Rossi and Sergio Aguero, who would cost around £35 million each, and Bolton defender Gary Cahill, who is priced at £17 million.
However, the futures of fringe players David Bentley, Wilson Palacios, Robbie Keane and Niko Kranjcar need to be resolved before any moves are made.
So far, only goalkeeper Brad Friedel has arrived on a free transfer, with the error-prone Heurelho Gomes likely to return to PSV.