The 22-year-old has joined the Gunners on a season-long loan, making his debut in Sunday's loss to Lyon.
"When I knew I was joining the club I looked at the Spanish players that had played here in the past," Ceballos told the club's official website.
"I think Santi Cazorla played some amazing football here and Cesc was the captain for a long time."
Ceballos continued: "I think Cazorla is one of Spain's best midfielders. I'd love to play with him one day – although that would be tricky because there's a big age difference between us.
"The level Cazorla played at last year after coming back from a really serious injury that just wouldn't go away… I really think you have to take your hat off to him because I don't think many players would be able to do what he has done."
On Fabregas, Ceballos added: "Cesc has always been a player with real character and pride inside. I think you have to have a huge sense of responsibility to be the captain of a club as big as Arsenal and he never faltered.