The Blues owner Roman Abramovich has been hit hard by the credit crunch.
“Traditionally we have never done a lot in January and this January is no exception,” Kenyon said at a press conference on Monday.
“We have not finalised whether we will do anything or not. It is all about what we want to do and are those players available.
“Short term fixes are not really what work for a team like Chelsea. I think we will see little or no activity as the players we would want to bring in to Chelsea for the long term are probably not available.”