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The Red Devils haven't won the league since 2013, with their last piece of silverware now dating back to 2017.
Ahead of a Europa League semi-final against Sevilla on Sunday, Solskjaer admitted the cub still has plenty of work to do as he called on them to splash the cash in order to close the gap.
“It’s a race. You can see teams building. We’re always looking at the squad and player logistics," Solskjaer said.
“It is definitely about quality – and it is going to cost money to get in players who are better than the ones we already have.
“We still have a way to go to get to the level of the teams at the top of the Premier League. They are too far ahead of us.
“We are still growing, getting better of course, but we are not the finished article. Nowhere near.”
The Red Devils' mid-season signing of Bruno Fernandes proved crucial with the Portuguese attacker scoring eight goals and contributing seven assists across just 14 Premier League appearances.
"This United is the best Manchester United in recent years, a team that has found its way, that's why they haven't lost in the Premier League since January," he said.
"They have found the space for themany quality footballers that they have. They are complete, they will force us to play a great game to compete with them.