With things as they are, it's now more probable than ever before that the Gunners' skipper will return to the boyhood club he left eight years ago as a 16-year-old.
Fabregas is set to undergo a medical and discuss terms on Monday.
Arsene Wenger had this to say:
"We understand Cesc's desire to move to his hometown club and have now accepted an offer from Barcelona.
We have been clear that we didn't want Cesc to leave and that remains the case. We thank Cesc for his contribution at Arsenal and wish him future success."
Reports of the deal surfaced at halftime of the first leg of Barcelona's Spanish Super Cup match against Real Madrid on Sunday, which ended 2-2.
The Spanish champions later revealed, on their official website, that Fabregas will undergo a medical at Barcelona Hospital at 0700 BST on Monday, before undergoing a further test at Barcelona's medical centre at 0930 BST.
Fabregas is then scheduled to sign his contract at 1130 BST before being unveiled to the media at 1300 BST.
It is thought that a deal for Samir Nasri is in the works as well.