The Catalans secured the signing of David Villa from Valencia for £34.2 million on Tuesday, with speculation rife that Fabregas will join him at the Nou Camp before the start of this summer's World Cup finals.
Yaya – brother of former Gunners defender Kolo – came close to joining Arsene Wenger's side five years ago, but moved to Olympiakos instead after a deal to take him to Highbury fell through.
The Ivory Coast international has fallen out of favour under Pep Guardiola after starting just 18 league games last season, with president Joan Laporta confirming that showdown talks with the defensive midfielder are scheduled.
And although reports had suggested that Toure would finally seal a switch to the Emirates Stadium outfit as a result of Fabregas returning to Catalunya, the player's agent Dimitri Selcuk has stated otherwise.
"Toure is not going to replace Cesc. He will not play for Arsenal," he said.
"There are very big clubs who are interested and we like these options more."
Wenger is not believed to be keen on recruiting anyone else from Barcelona to help compensate for the loss of Fabregas, with Zlatan Ibrahimovic, Bojan Krkic, Rafael Marquez and Dmytro Chygrynskiy all muted as potential makeweights.
Toure, meanwhile, is now expected to be lining up alongside his brother Kolo at Eastlands next season, with the Blues again expected to splash the cash after Roberto Mancini's side narrowly missed out on qualficiation for the Champions League.
By Owen Edwards
