Manager Daniel Farke, whose side are last and seven points adrift of 17th-placed Aston Villa after 21 games, told reporters on Friday the Canaries were unlikely to be very active in the next few weeks.
"For players looking at the table, they will see we’re in danger of relegation," the German told reporters ahead of Norwich's FA Cup third-round tie at second tier Preston North End on Saturday.
"If you’re in this position you can’t guarantee you’ll be in the Premier League next season, so that makes it a bit more difficult.
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"I’m not tempted to do too much business, but we won’t fall asleep. We’ll stay awake to strengthen the team but not out of panic buying. It has to make sense for the future of the club."
Norwich will be without top scorer Teemu Pukki for the Preston game due to a hamstring injury and the Finn could also miss the Jan. 11 Premier League game against Manchester United at Old Trafford.
While Pukki has scored nine goals this season, Norwich have not won since they beat Everton 2-0 in November.
The manager said the FA Cup was important to Norwich but it would be a tough game against opponents with a strong home record.
"They’re one of the best pressing sides in the country -- aggressive and intense. Often in the cup, the Premier League team is the favourite, but I can’t see any favourite in this one," he added.
Farke said summer signings were better value and he preferred permanent deals to loans. He added that Norwich were under no pressure to sell.
"In January, you tend to find players who aren’t in their rhythm because if they want to leave it’s probably because they’re not playing. From a business point of view, it can be even more expensive," he said. (Reporting by Alan Baldwin, editing by Ed Osmond)
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