Arsenal have so far recruited Henrikh Mkhitaryan and Aubameyang this month as well as Konstantinos Mavropanos, who joined from Greek side PAS Giannina.
But Balague reckons they could go back into the market for another placer.
Express Sport understands Riyad Mahrez is keen on a switch to Arsenal after handing in a transfer request.
Manchester City have launched bids for Mahrez but have not gone higher than £55m with Leicester holding out for £90m.
But whether Arsenal would be prepared to pay that money remains to be seen.
Arsenal tried to sign Thomas Lemar on deadline day in August and could go back in for him with Liverpool seemingly out of the race.
Arsenal have also signed Mesut Ozil up to a new contract, handing him £350,000 a week before tax.
Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy