The Spaniard is still waiting to hear how much money he will get this month – 12 days into the winter trading period – but insisted he does not have to sell in order to buy.
However, Benitez will make space in his squad if he receives any firm bids for want-away players.
The Newcastle boss, who ruled out any potential loan exits, said: “We are still working on things. I am hopeful we will do something.
“I still don’t know the budget but we are working on it.
“We have a lot of people working, talking to agents, giving us names and options. I have to concentrate on games and Saturday is an important game for us.
“It is not a question of needing to sell to buy. The January window is so complicated. If some players leave, it’s because we have a replacement.
“We are working (on transfers) but there is no news at the moment. We don’t have any offers. All the names that you can read in the press, some of them are not true.”