Having already broken their transfer record twice with the signings of Paulinho and Roberto Soldado, the club was willing to break it for a third time with a 70 million euro swoop for Brazilian attacker Willian from Anzhi Makhachkala and Roma star Erik Lamela.
However, despite the expenditure, the former Porto coach does not think that things are sufficiently settled at White Hart Lane to target Premier League glory.
"I don't agree that we can be title contenders for this season because everything is happening, everything is changing," Villas-Boas told reporters. "We have to create a team from all these new players that we have bought. We haven't had lots of time to work with them.
"I believe that, in the future, we can definitely achieve it."
During his time at Porto, Villas-Boas won four trophies in one season – including the Europa League – and hopes to repeat his success with Tottenham.
"It is extremely difficult," he acknowledged. "Only a treble has been achieved in English football - Manchester United [in 1999]. A quadruple has never happened. It's very difficult because of the demands of the Premier League along with the strong competitions such as the Europa League or Champions League.
"It is something that can happen in the future. It could only be a dream to achieve it with Tottenham. What we are building is a very, very strong side for the future, alongside massive investment in the structures of the club so that dream can hopefully happen in a couple of years."
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