Sir Alex Ferguson has ruled out a mass summer spending spree.

Ferguson's Manchester United transfer budget has been the subject of intense speculation ever since Cristiano Ronaldo's world record £80million move to Real Madrid last year.

Club officials, including Ferguson himself, have continually insisted it is his decision alone to leave the vast majority unspent because he does not believe there is value in the market.

Those who attack United's ownership insist the cash is earmarked to pay off part of the loans taken out by the Glazer family to complete their controversial takeover in 2005.

It was felt the true test would come this summer, particularly as Saturday's defeat to Chelsea has raised doubts over the longevity of stalwarts Ryan Giggs, Paul Scholes and Gary Neville, and the suitability of their present replacements.

Karim Benzema is one of the men who has been most heavily linked with Old Trafford given Ferguson tried to sign him from Lyon last year, since when the striker has failed to make an impression with Real Madrid.

A goalkeeper is also a priority given Edwin van der Sar will celebrate his 40th birthday next term, with United fans hoping for many more besides.

However, after giving contract extensions to Nani, plus the Da Silva twins Rafael and Fabio recently, it seems Ferguson does not intend to shake things up too much as he still feels the transfer market, in which Manchester City are bound to be active players once more, is over-inflated.

“No wholesale buying is needed as we have a very good squad that just needs tweaking here and there,” he said.

“Looking at potential squad additions is an ongoing process - it is not just confined to a certain time of year - although we obviously don't reveal our plans.

“We have some ideas at the moment but not many players will be joining the club.

“In any case, I think the transfer market prices have been terribly inflated over the last year.”