• 'We do not rule it out or say we will do it' says manager • Captain would be welcomed back in Emirates dressing room

Arsène Wenger left the door open for Patrick Vieira to push through a dramatic return to Arsenal after he admitted he had considered the "psychological impact" that such a move could have on his dressing room.

Arsenal's manager, who has retained a close relationship with Vieira despite selling him to Juventus in 2005 after nine successful seasons in north London, is in the market to strengthen in central midfield and confirmed that the proceeds of the sales of Kolo Touré and Emmanuel Adebayor to Manchester City, some £39m, were available for him to spend.

He is hopeful of concluding an £8m deal for the 22-year-old St Etienne midfielder Blaise Mutuidi but it is the revelation that Vieira, now of Internazionale, would relish a move back to Arsenal that has fuelled the speculation and the excitement of the club's supporters. Whether out of courtesy or not, Wenger has not dismissed it.

It remains a slim possibility – Vieira is 33 and he endured a difficult season last time out with injuries and inconsistent form – but it is known that members of the Arsenal backroom staff, not to mention the players, would welcome him back.

"There is a football decision and there is the psychological impact of a player of that stature coming in," said Wenger. "At the moment, you need to look at the level of experience in your squad to make this kind of decision. But we are nowhere near to making a decision like that. It is a possibility. We don't rule it out and we don't say we will do it."

Wenger is still close to Vieira, who is determined to enjoy regular football in the countdown to the World Cup finals in South Africa next summer, where he hopes to captain France, and he confirmed the impression that Vieira, who is also coveted by Tottenham Hotspur, would jump at the chance to rejoin Arsenal.

"I am aware that he wants to come back here," said Wenger. "Patrick is a legend here and he would always like to come back to this club. That would be his first choice. I speak to Patrick, I speak to many players who have been here because I keep good connections with them. He is a professional footballer with emotion and you always like the club you spend time at. But as a professional as well, you always give 100% for whichever club you sign for."

It has emerged that Vieira turned down Tottenham in January, and when they came back in for him during the current transfer window, he engaged in a bout of soul-searching. "Legally, no one can stop him joining Tottenham," Wenger joked. Tottenham would still like to take him but there is even less chance of Vieira going to White Hart Lane.

Wenger remained tight-lipped over his pursuit of the Bordeaux striker Marouane Chamakh, perhaps because he also has an interest in Real Madrid's Klaas-Jan Huntelaar, but as he prepared his team for the Emirates Cup – they play Atlético Madrid today and Rangers tomorrow – he insisted that the squad's focus "should not be on who can help us from outside but who can help us from inside".

"We have eight defenders," he continued, "eight or nine midfielders and four strikers, plus the youngsters around, so quality and number-wise, we are where we want to be. I feel confident and very strong. The squad's best time is now."