Fabregas has been linked with a move away from Barcelona after a season during which the La Liga giants failed to win a major trophy.
A return to Arsenal, who he captained and helped win the 2005 FA Cup and 2004-05 Premier League, is a possibility.
But Parlour, who made 339 league appearances for Arsenal between 1992 and 2004, believes there are other areas that need strengthening more urgently.
"The problem with Fabregas is where do you put him in the team?" Parlour said.
"They have got very similar players to Fabregas – they have Mesut Ozil, Santi Cazorla, Jack Wilshere – if you bring Fabregas back where do you fit him in?
"He was great for the club but forwards should be much more of a priority.
"You look at Manchester City and Liverpool and they have much better forwards."
Wenger was criticised last off-season for failing to sign a first-team striker, putting pressure on Frenchman Olivier Giroud to perform.
