Fabregas, who thrived in an eight-year spell at the Emirates, has been told he is no longer wanted at Barcelona and is expected to return to the Premier League.
Reports in Spain suggest Fabregas has already agreed a deal to move to Chelsea, with Arsenal having expressed to the player they sold to the Nou Camp for £35m in 2011 that they are not interested in his return.
Manchester United are also believed to be interested in the 27-year-old but Spain team-mate Cazorla still holds out hope that Fabregas will join him in Arsenal's midfield.
"I've read that he could go to Chelsea but I'd prefer him to come to Arsenal because he's a great player and they really love him there," Cazorla said.
"I don't know what his future is, but I hope that he will be happy and enjoys the team wherever he is.
"I don't think there's a big difference between Cesc's performances in the Premier League and La Liga. He's adapted perfectly to both leagues.
"His statistics are great at Barcelona but he's not valued the same as in England. There's no difference in his numbers."
Cazorla, who joined Arsenal in 2012, is part of Spain's World Cup squad along with Fabregas, who could feature up front under Vincent del Bosque.
Spain compete in Group B with Holland, Chile and Australia and face Holland in their opener on June 13.