David Moyes will not be splashing the cash during the transfer window as Mikel Arteta's transfer fee has already been swallowed up to service Everton's debt.
Arteta joined Arsenal in a £10million move on deadline day last summer and manager Moyes maintains it was his decision to allow the Spanish midfielder to leave.
Moyes had hoped to use the loan market to add a striker and midfielder but a defender is now his priority after Phil Jagielka was sidelined for up to six weeks with a knee injury.
The Toffees face Tottenham at White Hart Lane on Wednesday night in the rearranged fixture from the opening weekend of the season.
Moyes' men are 18 points behind their opponents and he admits he is frustrated at failing to keep pace with Harry Redknapp's Spurs.
He said: 'It is a little bit sad they are starting to pull away from us a little bit more than I would like. I think it was only three or four years ago us and Tottenham were competing neck-and-neck for European places.
Referee Martin Atkinson, who sent off Jack Rodwell against Liverpool in October, takes charge of the game in north London while Mark Clattenburg will be the man in the middle for the weekend trip to Aston Villa.
Clattenburg has not refereed an Everton match since the controversial Merseyside derby at Goodison in 2007.
Clattenburg angered the home support when he sent off Tony Hibbert for a professional foul on Steven Gerrard after appearing to initially take out a yellow card before the Liverpool midfielder had a brief word.
He chose not to send off Dirk Kuyt for a high challenge on Phil Neville and turned down an Everton penalty appeal in injury-time with the hosts trailing 2-1.
'I don't pick the referees so it is not up to me and I don't think it is right that managers should choose who the referees are. It is up to the PGMO (Professional Game Match Officials) to choose.