Glenn, who is working on bringing in a player or players on loan to Upton Park, says: "I keep working away, but to all intents and purposes there aren't any transfer funds for me for the rest of this season.
"After speaking to Walter Smith at our FA Youth Cup game this week I think it is also the case with Everton, and I think he feels that there are maybe 12 clubs in the Premiership in exactly the same position without any transfer funds to spend.
"I think the game is turning in terms of the availability of cash; some clubs have put so much money into the transfer market over the last couple of years, and on top of that the enormously high wages that are being paid, it means a lot of clubs are starting to feel the pinch now.
"But Rigobert Song going on loan to Cologne until the end of the season means I will be able to bring in one or two loan players, though I will only bring in players that can go straight into the first team if needed.
"There is a list of players at the moment that are available on loan, but I don't feel they would make us any better, and I just hope I don't have to take any of those players in December.
"You have got to set your standards high and I would rather have one very good loan than two average loans.
"The key to the season for a lot of clubs this year, and Walter agrees, is being lucky and keeping a clean bill of health.
"The squads of senior players are not big enough to cope with four or five of the first team players being out at any one time."
Glenn laughs off speculation linking Fredi Kanoute with Liverpool and says: "I am not surprised by anyone being interested in Fredi because he is such a good player, but it is good to hear that he is happy here.
"Although I'm not in a position to spend money I'm also confident when I'm being told that I don't have to sell anyone.
"What is important is keeping Fredi Kanoute fit, Paolo Di Canio, all of the first team players like Michael Carrick, David James, and Tomas Repka fit and healthy.
"We know that when everyone is okay, as we showed against Newcastle and Chelsea, we are capable of picking up points."
He also denies renewed speculation linking Robbie Savage with the club, with one report suggesting Paul Kitson might return to one of his former clubs as part of the deal.
"The Savage thing is pure speculation and it is easy to kill because they are talking about £5m which I haven't got.
"He is a very good player, and I know he has got a reputation sometimes for the wrong reasons, but he has been a terrific servant for Leicester but we are certainly not in a position even if we wanted to to do something about him."
One deal that Glenn did complete this week was the loan signing of goalkeeper Sven Andersson, and he says: "You need a third goalkeeper and I have been very impressed by the work Sven has done in training and he will play for our reserves."
Defender Azar Karadas has returned to Brann after a two week trial and although there are no moves to sign him at the moment Glenn adds: "We'll keep an eye on all the Scandinavian players that we have had in the last couple of weeks."