The Daily Star says the Gunners are lining up a stunning £25m swoop to bring Fabregas back to the Emirates.
The 26-year-old Spanish star left the Gunners for Barcelona back in 2011.
But a clause in his contract will give Arsenal the first option to sign him if he decides he wants to leave the La Liga champions.
Reports in Spain claim this may well happen given that he has failed to secure a regular place in Tito Vilanova's starting XI.
Arsenal have the financial firepower to pull off a move.
Boss Arsene Wenger has £70m to spend, which has so far gone untouched.