Barcelona have made it clear they regard midfielder Fabregas, who played in the youth team at the Nou Camp before moving to north London seven years ago, as one of their chief transfer targets this summer.
New Barcelona president Sandro Rosell has already secured the services of striker David Villa for £35m and could have more funds available, with Yaya Toure linked with a big-money move to Manchester City.
Fabregas signed an eight-year contract with the Gunners in 2006 and has been quoted as saying he would only join Barcelona if he left the north London club.
He has featured twice in Spain's World Cup campaign, coming on as a substitute on both occasions.
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