The Spanish midfielder – a World Cup winner – is believed to be surplus to requirements at the Nou Camp after just three seasons, with the Catalans set for a summer overhaul.
Fabregas is said to be available for around £30m, but it is understood that Arsenal are looking to trigger a buy-back clause they had inserted into the 2011 deal that took him back to his boyhood club worth £29.2m.
Although the Gunners are keen to do the deal swiftly, it is thought that the 27-year-old is looking to hold crunch talks with new manager Luis Enrique to clarify his future.
If he is told that he is no longer a key first-team star, a move may well be an appealing option, with Arsenal looking to be particularly attractive.
As well as the north Londoners, Liverpool, Manchester City, Manchester United and Chelsea are looking to get him back to England, while Russian giants Zenit Saint Petersburg are also plotting a lucrative contract offer.