Barcelona have confirmed this lunchtime that "an announcement will be made in the next few hours" but Arsenal have denied that a sale has been agreed.
It has, however, been reported in Spain that the north Londoners have finally granted the midfielder his wish to return to his boyhood club and have accepted a bid thought to be in the region of £31 million.
Fabregas is expected to sign a five-year deal and will be unveiled by the Champions League holders and will attend the Spanish Super match with Real Madrid at the Bernabeu on Sunday.
Barcelona players have been quick to make the news public by tweeting their delight at the Spanish international's impending arrival.
Defender Gerard Pique said on his Twitter account: "He's finally here!", while captain Carles Puyol wrote: "Welcome home! Happy to have you here."