Stoke City’s Uruguyan international midfield man Diego Arismendi joined Town on loan until the end of the season.
Arismendi, 24, spent last season on loan at Barnsley, making 32 appearances.
The deadline for making any further signings this season is Thursday, meaning that next week is likely to be hectic in the Football League due to a full programme of games being scheduled for Tuesday night.
Grayson said: “Like a lot of clubs, we are looking at the situation. The transfer deadline is coming around fast so if we are to make a move then it will have to be soon.
“What I won’t do, though, is bring in players for the sake of it. They have to be better than what we have already got at the club.
“If the right player doesn’t become available then I am perfectly happy with the squad. We have some good players and if we can cut out the silly mistakes then we can really finish the season strongly.”
For a third game under Grayson, Town let a lead slip last week as bottom club Rochdale grabbed a point by twice coming from behind at Galpharm Stadium.
The Terriers travel to Colchester today looking to improve on the point Sheffield United claimed in Essex on Tuesday.
Grayson said: “We know it will be another tough game. John Ward is a very experienced manager and Sheffield United found out in midweek how difficult a place it can be to go.
“But we have to focus on ourselves.”