The Gunners are currently top of the division but face a difficult trip to Liverpool on Saturday lunchtime, and the former captain believes that his old side can land the title if they maintain their consistency.
Speaking to the Daily Mail, Fabregas said: "It would be amazing [if they won the league], they need to be very consistent between now and the end of the season.
"I am very happy how they are playing, they have a strong squad, they are top of the league. I cannot wait to see if they can lift the trophy finally.
"In one season it's impossible to win every single game, you will always lose. Whether it's the League Cup, FA Cup, Champions League, there's so many games. The Premier League is a very tough league. Anyone can beat you. It was a very entertaining game."
The Spaniard left the Emirates for Barca in 2011.