The Swede has been handed a substantial transfer pot by chairman Thaksin Shinawatra - and has already dipped into those funds by signing Rolando Bianchi from Reggina for £8.8million and Gelson Fernandes from Sion for about £2million.
Eriksson is also understood to be interested in Liverpool's Peter Crouch, Tottenham's Jermain Defoe and Charlton's Luke Young.
While he is keen to add another four or five players to his squad, he knows sealing deals is not usually straightforward.
"It is not like going to the supermarket and picking a player off the shelf," he told the Manchester Evening News. "We are making enquiries all the time about players but it is sometimes a slow process with agents, managers and chief executives all involved in the process.
"It depends what kind of players we can get as to how many we bring in, but we will not spend for the sake of it.
"They have to be the right players for Manchester City."
Bianchi, who scored 18 goals in Serie A last season, could make his bow in a friendly against Orgryte in Sweden on Wednesday.
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