Manchester United CEO Ed Woodward said the summer transfer market would be an "important opportunity" to build a strong and competitive lineup in the English Premier League and Champions League.

United - who crowned the league title for the last time 2012-2013 season - is in eighth place after 25 games, six points behind fourth-placed Chelsea, the last qualifying place for the Champions League.

The team backed its ranks with a single deal on a permanent contract, last January when Bruno Fernandez was included, but Woodward said more money would be available to coach Olli Gunnar Solskjaer at the end of the season.

"The focus of the contracting process is on analyzing and selecting players throughout the season with a look at the upcoming summer transfer market," Woodward said at a meeting with United fans at Old Trafford.

"As part of the construction process, we are looking at next summer as an important opportunity," he added.

"It is a top priority for every person in the club to keep the team competitive over the English Premier League and Champions League titles."

United's activity in the transfer market has come under fire in recent years, but Woodward has defended the club's contract policy.

"There's a lot of work on the deals issue with huge investment in looking for talent and providing information and analysis," Woodward said.

He concluded his statement by saying, "Our focus is on contracting with the experienced and the best young players who have the opportunity to develop, in addition to giving an opportunity to the ascenders from the club academy through the conclusion of important deals."