"We've got money to spend and we are trying to strengthen the team," the Burnden boss confirmed, "but it's unfair to raise supporters' hopes until we can say for sure we are bringing players in.
"It is a frustrating time but Bolton Wanderers are in the same position as many other clubs - Manchester United, Tottenham and Blackburn, for instance - who have money available and are trying to sign players.
"Finding and signing players is not easy. We have things on the horizon but it would be unfair on supporters, the club and the players involved, if we were to say who they are."
McFarland was prepared to dismiss out of hand a tabloid report suggesting Blackburn striker Mike Newell is a target. "Definitely not!" he declared.
What neither he nor management partner Colin Todd have denied is the need for new talent to improve their Premiership survival hopes. A left back, right side midfielder and a striker are the positions they are known to be concentrating on.
"Supporters saw us get the money from the McAteer transfer and want to know why we haven't spent it straight away," McFarland adds, "but we have signed the Yugoslav as a replacement (all we are waiting for is a work permit) and we are looking at others.
"These things can take time to develop."
Meanwhile, Wanderers are likely to be unchanged for tonight's third round Coca Cola Cup tie against First Division leaders Leicester City, although Fabian de Freitas staked a strong claim for a return to the starting line-up with a lively performance as substitute in Saturday's 3-2 defeat at Nottingham Forest.
The Dutch striker is expected to be on the subs bench alongside David Lee - a pairing McFarland believes can offer good attacking options should the need arise.
"I was happy with many aspects of the performance at Forest - maybe not overall and certainly not the result." the manager reflected on the City Ground defeat. "But we were controlling the pace when they scored their winner."
Wanderers, giant-killers on the way to last year's final, find themselves cast in the role of favourite with the bookies but Leicester, unbeaten away from home this season, pose a serious threat to their hopes of progress this time round.
McFarland remains confident and says: "The boot's firmly on the other foot because Leicester are going so well at the moment but we have a big advantage in being at home in a one-off tie.
"The one thing people will be guaranteed is an entertaining game of football. Mark McGhee has changed Leicester's style of play since taking over from Brian Little and, like ourselves, they try to play football through midfield."
Wanderers (likely line-up): Branagan, McAnespie, Phillips, Stubbs, Bergsson, Fairclough, Patterson, Sneekes, Paatelainen, McGinlay, Thompson. Subs Davison, Lee, de Freitas.
Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.
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