Fabregas has long been linked with a return to Barca, the club where he learned his trade as a youngster before moving to the Gunners seven years ago, and the Catalan giants had a £29 million offer for the Spain international rejected last week.
The addition of Ivory Coast midfielder Toure to any deal could persuade Arsenal to part with their skipper, although the club have insisted they do not want to sell.
Toure had been expected to move to Manchester City to join his brother Kolo, but now Seluk believes his client could be on the way to the Emirates Stadium.
"There's a lot of interest in the deal," Seluk told Rac-1. "Arsene Wenger likes him and Arsenal are interested. If the conditions are good, everything can be finished soon.
"He could come into the Cesc deal and Barca and Arsenal are struggling to come to an agreement.
"Everything has changed with City, because they talk a lot but then afterwards they don't appear to be a rich club but rather a bankrupt one."
Barca confirmed on Monday they had slapped a €35 million price-tag on Toure, something which Seluk last week insisted was too high.
Toure was a key member of the Barca side that lifted six trophies in 2009 and he extended his stay at the Nou Camp only last summer, but he appeared to fall out of favour in the latter part of the season.
Barca president Joan Laporta is resigned to letting Toure go, and feels Arsenal must be prepared to do the same with Fabregas.
He said: "If a player of this characteristics, who also has the privilege of being Arsenal captain, announces to the club that he understands his time there has come to an end and he wants to continue his career at a club like Barca...
"I always want players in my club who want to be there and they should have that commitment.
"If a player shows legitimately that he does not want to be at Barca, immediately I open the doors and defend the interests of the club, but I try to reconcile them with those of the player and the buying club."