The Spanish international’s future has once again been the subject of intense speculation, with the Catalan giants keen to take the former Barca trainee back to Spain.
Manager Arsene Wenger wants the situation resolved one way or another before the start of the new campaign and is desperate to keep hold of his star midfielder.
Hill-Wood has now admitted that the Gunners would consider a ‘very good offer’ from the European champions, but he is unsure as to how keen the club are in signing Fabregas.
“I am not sure how keen they are. There are still stories in the [Spanish] press, but they don't talk to us,” Hill-Wood said in the Daily Star.
“They've made one offer, which works out at around £26 million, but that was ages ago.
“But at the moment our situation is very straightforward: we don't want to lose him.
“Obviously if they come up with an offer which was a very good offer we would have to think about it.
“We have told them a number of times that what they are proposing is unacceptable and yet they haven't moved on it.
“I don't approve of what they are doing, but unfortunately it seems the way of the world right now.”
The Arsenal chairman added that he has become particularly weary of Barcelona’s, thus far, fruitless attempts to bring Fabregas back to his hometown club.
“It has become a real bore and an unnecessary interruption to what we are trying to achieve,” said Hill-Wood.
And Hill-Wood stated that he is unhappy with Manchester City’s pursuit of want-away midfielder Samir Nasri.
City manager Roberto Mancini confirmed that he is hoping to add the Frenchman to his squad before the start of the new season.
Such a statement provoked an aggressive response from Wenger and Hill-Wood admitted he wants to keep the 24-year-old at Emirates Stadium.
“City seem to have more money than anybody else, and they keep splashing it around all over the place,” he said.
“But our position is very straightforward: we don't want the player to leave.”
Arsenal are unwilling to allow the in-demand Nasri to leave Emirates Stadium despite the player's refusal to extend his current deal, which expires next summer.
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