Manchester City chief executive Ferran Soriano has said that the club will stick with the transfer policy that saw them drop their interest in West Ham United captain Declan Rice.
The Citizens were in the running to sign Rice last week but ultimately dropped their interest when Arsenal came in with an offer in the region of £105m.
Rice is now on the verge of moving to the Emirates Stadium, with Pep Guardiola's side pulling the plug on a deal that they considered to be too expensive.
Man City have shown a willingness to pull out of deals for what they consider to be unrealistic valuations in the past, with Harry Maguire, Alexis Sanchez and Jorginho previous examples.
Soriano has insisted that the club's transfer business is "is well thought out", with the English champions sticking to the policy that they have recently adopted.
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"If you look at what we did at the start of this project, there was a need for a lot of changes and investment - but not anymore. If you look at what we have done in the last five years, our level of investment in new players is well thought out," Soriano said at the announcement of a new sponsorship deal with OKX.
"We are not the top net-spenders of last year or the last three or five years. We have a platform where we know what to do and we can do it with time and intelligence. When we don't like a deal, we walk away and we don't panic."
Man City have already made one signing this summer, bringing in Mateo Kovacic from Chelsea, with Ilkay Gundogan leaving on a free transfer to join Barcelona.
The Citizens are still thought to be keen to move for another midfielder, with Barcelona's Frenkie de Jong allegedly being considered as a possible acquisition.
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However, a move for De Jong is likely to cost in the region of £90m, and the club are also being linked with a big-money deal for RB Leipzig's Josko Gvardiol.
Joao Cancelo is back at the Etihad Stadium this summer following a loan spell with Bayern Munich, but the Portugal international is expected to depart on a permanent basis.
Man City won the treble last season, securing their first Champions League title with a 1-0 victory over Inter Milan in the final of the competition at the start of June.
The Citizens will be bidding to win their first trophy of the 2023-24 campaign when they face Arsenal in the Community Shield on August 6 before beginning their Premier League campaign away to Burnley on August 11.
Matt Law
