Arsenal playmaker Fabregas is now facing a race against time to prove his fitness for this summer's tournament in South Africa after breaking his leg in midweek.
Everton midfielder Arteta has never been capped by his country and his push for recognition after returning from an 11-month injury lay-off in January appeared to have come too late.
On song: Uncapped Mikel Arteta has scored four goals in four games for his club
The 28-year-old could now have a chance but Moyes still thinks it is unlikely - even though his form is good enough.
'I wouldn't want his chances to increase because of injury to Cesc Fabregas - I don't want anybody to be injured,' said Moyes. 'But I think Mikel's form might just have come at the right time.
'My feeling is it will just be too late. I hope it is not, because if he could make the Spanish squad it would be something he'd be really keen on.
'The way he has been playing for us recently, he must be getting much closer.
'I know there are a lot of good players in Spain but if you are playing as well as he was and scoring goals as well, I think that could give him a chance.'
Something else likely to count against Arteta is the slight groin strain he is currently carrying.
Stricken: Cesc Fabregas faces a race against time to be fit the World Cup
Arteta had scored four goals in as many games before being rested for last week's goalless draw at Wolves in the Barclays Premier League.
Moyes admits he is again unlikely to be risked as Everton chase an eighth successive home win against West Ham at Goodison Park on Sunday.
'Obviously if he is missing for a game or two now that will make it harder as well,' said
Moyes. 'It is not something we should be overly concerned about but the way we put Mikel back in so quickly and what we demanded of him, in the end I thought something would probably go.
'The workload his body has had to take has been too much. It might be the same with Phil Jagielka because we have wanted to keep putting him in.
'We need to keep an eye on the ones who have been out for a year and make sure we don't give them too much too soon.'
Wary: Phil Jagielka is being slowly eased back into demands of the top flight
Arteta and Jagielka have both recently returned from serious knee injuries and Moyes feels they could have a big role to play in helping Dan Gosling through his own injury nightmare.
Midfielder Gosling, 20, damaged a cruciate ligament at Wolves last week and has been ruled out for nine months.
Moyes said: 'It is a terrible blow for the boy, he has been making really good progress over the last season or so.
'They can't operate on him for a month or so because he has also got medial ligament damage as well.
'He was really upset about it but he has come to terms with it and now he has got to get the operation done and then look forward.
'He has got the likes of Mikel and Phil to look to who have had similar operations recently and both of them are doing pretty well at this moment in time.
'Everybody knows the cruciate is a bad injury but it is nowhere near as bad as it used to be.'
Everton can turn the heat up on relegation-threatened West Ham at the weekend and, as the Toffees continue a late push for Europe, Moyes has no room for sympathy.
Everton, currently eighth, are two points behind Aston Villa above them and five adrift of sixth-placed Liverpool with six games of their season remaining.
Moyes said: 'They would rather not be in the position they are in but at this present time I am trying to concentrate on Everton. I want us to finish the season on a high. We are in good home form and we want to keep that going.
'We can't afford to drop too many more in the run-in if we are to have a chance of catching the teams above us.'
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