The Catalans have already committed an initial £34million to signing David Villa from Valencia and are keen to thrust players at the Gunners to lower the price of a deal for their captain.
Arsene Wenger is understood to be most keen on Ivory Coast midfielder Toure - a player the Frenchman overlooked after a trial five years ago - but the feeling does not seem to be mutual.
Facing a battle: Toure (left) has struggled to keep his place this season
The brother of former Emirates Stadium favourite Kolo Toure is likely to reluctantly leave the Nou Camp this summer after falling down the pecking order and starting just 18 La Liga games, but his agent says there are more attractive options than Arsenal.
Manchester City can outstrip the Gunners on wages and are keen on a midfield enforcer after failing to land McDonald Mariga or Fernando Gago in January, instead turning to Patrick Vieira as a short-term option.
And Toure's agent Dimitri Selcuk said: 'Toure is not going to replace Cesc. He will not play for Arsenal.
'There are very big clubs who are interested and we like these options more.'
On his way: Fabregas (left) is keen to return to Barcelona
Wenger is thought to be lukewarm on other options that Barca are considering in exchange, such as strikers Zlatan Ibrahimovic and Bojan or defenders Rafael Marquez and Dmytro Chygrynskiy.
The north London club would instead prefer £50m cash to spend on rebuilding the team, but Barca value Fabregas at closer to £30m.
Meanwhile, Barca have agreed the £34m transfer of Villa from Valencia, which could rise to £42.5m with add-ons.
The Spain striker, also a target for Manchester United, has signed a four-year deal worth £115,000 a week.
Nou Camp insiders dream of unveiling both Villa and Fabregas on Friday, but tricky negotiations with Arsenal are likely to scupper the plan.
Staying in Spain: Villa (left) is swapping Valencia for Barcelona
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