Arsene Wenger admitted yesterday that he is being cautious in his dealings at Highbury because he fears the transfer system will soon be abolished, rendering expensive signings worthless overnight.

The Arsenal manager earned £30 million sterling from the sales of Emmanuel Petit and Marc Overmars to Barcelona but is determined not to pay exorbitant fees in this climate of uncertainty, as his ongoing battle with Bordeaux over the value of Sylvain Wiltord shows.

Wenger said he would look elsewhere for a striker unless a deal for Wiltord was reached this week because he needs to bring someone in before the Champions League deadline of September 1st. But he stressed he would not be held to ransom on any transfer.

"Since I've arrived here I've always tried to buy players at the right price," he said. "With the transfer rules maybe collapsing next season we could have bought a player for an expensive price that you cannot sell him for.

The traditional transfer market is under investigation by the European Union and could be outlawed by the end of the year. EU officials believe it may infringe workers' right of free movement after analysing a case in which the Italian club Perugia refused to pay a fee for a player signed while he was under contract in Belgium.

Denis Irwin's 10 years in a United shirt will be celebrated in a testimonial game against Manchester City tonight.