Chamakh told French television that he believes the pair would leave if manager Arsene Wenger can find replacements.
"I think both of them are likely leaving the club," the Moroccan striker told L'Equipe TV. "It's a difficult situation for the manager.
"I don't think it's a matter of money for Fabregas or Samir. I think [Wenger] is looking for their successors and he hasn't found them. I think before letting them go he wants to find the players to replace them."
France national coach Laurent Blanc later added to the speculation by suggesting that Nasri is in talks to find a new club.
"I know [Nasri] is negotiating with [Arsenal] and it's not to renew his contract, that he will not renew, but to find a new club."