Sir Bobby Robson has distanced himself from speculation linking Manchester United midfielder Nicky Butt to Newcastle.
England man Butt, rated at £5m, has asked to leave United because he wants first team football and reports have suggested St James' Park will be his destination.
But a club spokesman said: "It's a load of rubbish."
Robson already has a wealth of midfield talent in the shape of Gary Speed, Laurent Robert, Jermaine Jenas, Nolberto Solano, Kieron Dyer, Hugo Viana, Lee Bowyer, Darren Ambrose and Brian Kerr.
Asked if he was expecting to make any signings during the January transfer window, Robson said: "Probably not."
He added: "It was decided in the summer not to spend more money then. We spent a lot of money the year before, which is in this year's budget.
"When we have got anyone fit we've got a very good squad indeed."
Newcastle have also been linked with Leeds United striker Alan Smith.