Arsene Wenger told Arsenal's Annual General Meeting last week that he would look to reinforce his defence in the winter transfer window but chief executive Ivan Gazidis said: "It is simply not the case that we are hoarding a vast cash balance for some unspecified reason."
Gazidis did acknowledge that the Gunners "try to keep further amounts of cash available for investment in the team" but said it would be "uncompetitive" to reveal the amount.
The Standard reported that the club had indicated on Friday morning that the transfer fund was closer to 20 million pounds, but AST believes there is a more sizeable kitty to available to the manager.
The AST statement read: "Whilst we appreciate the commercial sensitivity surrounding spare cash for transfers, its inevitable fans want to understand what funds are available and we try and do this in an informed a way as possible, based on the actual report and accounts.
"If over optimistic estimates really are an issue for Arsenal's board, we encourage Arsenal to help all fans and shareholders alike understand exactly why so much money needs to be held in reserve by explaining more fully in the company's annual report and accounts what working capital will be required in the coming financial year.
"However, in reality, that is something they just will not do as transfer budgets are so sensitive due to Arsene Wenger's handling of the squad depth.
"The AST estimates that the spare cash available for investment in the squad in January is approximately 42 million pounds. Further additional investment will be possible in the summer of 2015 as long as Arsenal qualify for the Champions League for the 2015-16 season.
"The AST remains very frustrated that with such resources available further additions weren't made to the squad in key positions. It now remains to be seen whether running such a small squad in these positions will prove costly to Arsenal's title ambitions this season."
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