The Mail on Sunday reports that Barca will make a bid of almost £40million for the World Cup winner.
New Barcelona president Sandro Rosell is keen to bring Fabregas back to the club he left as a teenager.
But Arsenal boss Arsene Wenger insists Fabregas will not be leaving the club this summer.
Wenger insisted: “I fully expect Cesc to be an Arsenal player this season. He is our captain and we want to keep him and that is why we didn’t listen to any offers. We do not just give in because somebody wants somebody from us.
“I believe Cesc loves the club and I am confident the story will end there. We want Cesc at our club next season and that is it. The talking has stopped and we never wanted it to start.”
