The Spaniard has been the subject of a bid from Manchester United, while the Gunners have also been touted as interested in bringing their former captain back to the Emirates.
Despite possessing a first-option buy-back clause, Wenger feels that Fabregas will remain at the Camp Nou for the upcoming campaign.
"Fabregas has decided to stay one more year at Barcelona," Wenger told reporters.
"Unless he has changed his mind, I don't know, but that's what I've been told.
"We have the [first-option] clause in the contract so we would be on alert but at the moment that's not something we're after."
Fabregas left Arsenal to join Barcelona in 2011.