"We have money for sardines and I'm thinking lobster," Carvalhal told reporters ahead of Swansea's FA Cup third round trip to Wolverhampton Wanderers on Saturday.
"I will do my best to try and bring in the best players. I will look to the lobsters and sea bass, but if not we must buy sardines. But sometimes the sardines can win games.
"There are limits. I understand this is a responsible club and they don't want to create a problem for the club in the future."
Swansea sold their key attacking players Gylfi Sigurdsson and Fernando Llorente at the start of the campaign but have failed to replace them adequately.
With the club rooted to the bottom of the league, Carvalhal accepts it could be difficult attract to quality players willing to contribute in a relegation battle.
"Not all players would come to a team that's fighting like us to stay in the competition," he added.
"We need cover in positions, the chairman knows this and we must check players. I cannot tell you the names of the players because it is a principle of mine not to talk about players not in my squad."
His Burnley counterpart Sean Dyche said the club have the money to spend on transfers but it will depend on the availability of players in the market.
"There's an appropriate amount but January's tough," Dyche said. "We've looked at a few things but it's all about availability.
"The chairman gives me a good amount to work with, but within the reality of Burnley Football Club.
"But the market's changed now. It's about whether you want to pay an amount, rather than if the amount is appropriate."
Burnley visit runaway Premier League leaders Manchester City in the FA Cup third round on Saturday.
(Reporting by Hardik Vyas in Bengaluru; editing by Amlan Chakraborty)
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