Spain head into the eight-team tournament in Brazil having enjoyed unprecedented success over the last seven years, winning the European Championships in both 2008 and 2012 as well as lifting the World Cup for the first time in 2010.
However, they fell short in their last bid to win the Confederations Cup four years ago in South Africa when they suffered a shock semi-final exit at the hands of the United States, and Vicente Del Bosque's men are determined to go all the way this time.
Fabregas told Marca: It's seems a less significant competition but for us it's very important. I'm very proud with what we've done, but we need to continue.
"This team never settles (for what it has achieved). We want the Confederations Cup. This generation deserves to have all the titles."
The Barcelona player also insisted the desire for further success still burns strongly in the Spain camp, adding: "The more you win, the more you want.
"We have the advantage of knowing what it takes to win, what it means to win. The team is ready to continue along this line."
Spain have been drawn in Group B, alongside Copa America champions Uruguay, African Nations Cup holders Nigeria and minnows Tahiti, who last year won their first OFC Nations Cup title.
Group A consists of hosts and five-time world champions Brazil as well as Euro 2012 runners-up Italy, Asian Cup champions Japan and Mexico, who won the Confederations Cup in 1999 and are the two-time reigning CONCACAF Gold Cup holders.
Spain, who have won 61 of 72 matches under Del Bosque since he replaced Luis Aragones after their triumphant Euro 2008 campaign, will fancy their chances of being the last team standing but to do that they are likely to have to overcome Brazil at some point.
The Brazilians not only have home advantage but they have flourished in the Confederations Cup down the year, lifting the title in 1997, 2005 and also last time out in South Africa, while they were also runners-up in 1999 and semi-finalists in 2001.
Brazil striker Fred is optimistic about their chances this time around as well, saying: "We have a lot of confidence in ourselves. We're in it to be champions and we have the ability to face any team."
On the prospect of a possible final showdown with Spain, the Fluminense man added: "We respect Spain a lot. A Brazil-Spain final would be very good for football, it would be great."
Several other nations will be looking to upset the apple cart though, including a Uruguay side boasting the formidable attacking talents of Luis Suarez, Edinson Cavani and Diego Forlan.
Uruguay had been in disappointing form since last summer but back-to-back 1-0 wins over France and Venezuela in the last week has been a much-welcomed boost for Oscar Tabarez's men heading into the Confederations Cup - a competition they also need to win to complete the set.
Captain Diego Lugano said: "The Confederations Cup is a spectacular tournament, involving the best teams in the world and, for that reason, everybody will be watching.
"It's the only trophy that Uruguay are missing and we're going to go and try and win it."
The tournament kicks off on Saturday when Brazil face Japan in Brasilia.