Wenger may have some £70million available should he wish to spend it when the January transfer window opens, but the Arsenal manager stressed in his programme notes “you have to use funds as wisely as possible”.

On the latest evidence, there are few areas which need strengthening.

For long spells Arsenal dominated against Newcastle, and finally made the breakthrough with seven minutes left when Dane Nicklas Bendtner powered in a header before Brazilian teenager Denilson smashed in a 20-yard effort to seal victory.

It was a composed display against a near full-strength Newcastle side.

However, Wenger again stressed the need for everyone to keep grounded – despite a superb start to the new campaign.

“With football, I am a bit cautious,” said the Arsenal boss.

“It is just the beginning of the season. We have to show we are consistent throughout the whole season.

“What is a big strength of my squad at the moment is good togetherness, good camaraderie and that everybody is on the same wavelength.

“We just want to stay where we are. We have had a good start and want to continue.”

Wenger believes he has a crop of young players who can fit into his first team whenever he decides he needs them to.

“The game was of the same level we played recently with the players who did not feature, and with a style of play with a continuity,” he said.

“We have wave after wave of generation of young players. We have a small group of good quality, and very young.

“For me, all of them can play on a regular basis in the first team. We have shown technical maturity and looked strong in every department.

“With this team, we can have a chance against anybody.”

Newcastle manager Sam Allardyce lamented the fact his team had to play again so quickly, having been in Premier League action on Sunday.

The visitors – who had five players starting from the team which lined up for the win over West Ham on Sunday and were again without injured England striker Michael Owen – had a small collection of decent chances, falling mainly to Obafemi Martins.

Philippe Senderos, Arsenal captain for the night, had to clear off the line after the Newcastle striker had rounded the goalkeeper – before Denilson’s effort made sure of the win.

“What we got in the end was a fatigued set of players who could not run any more, and Arsenal capitalised on that,” said Allardyce.

“We are told to play and have to play. It is sad, but we had to try to deal with it.

The Newcastle boss noted an unfortunate end to a competition he had hoped his team could progress in.

“For Arsenal, this competition is fourth in the list. For us, it is a high priority – to get as far as we can in the cup competitions.

“Drawing Arsenal away with the mood they are in at the moment was difficult enough, but to do it in these circumstances has contributed towards our defeat.”