The French manager has insisted that the Gunners still have the time and the money to bring the right player in before the close of the transfer window this summer
Wenger's charges, without Fabregas and Samir Nasri, got off to a faltering start to their Premier League season as a goalless draw at Newcastle United on Saturday prompted chants from fans urging the Frenchman to spend on personnel.
But in an e-mail to Arsenal supporters, Wenger has insisted large transfer fees are not a stumbling block for his side but has reiterated the player's fee must reflect his ability.
"The transfer window is still open and we are not scared to spend money if we find the right player," said Wenger.
"If it is for £2 million or £20 million we will do it if he adds quality to our squad. We have all our scouts all over the world and we look everywhere."
Wenger also expressed his disappointment at losing Fabregas at the end of a lengthy transfer saga but revealed he understood his former captain's motives for a return.
"We have been clear that we didn't want Cesc to leave and that remains the case. However, we understand Cesc's desire to move to his home town club," said Wenger.
"We want to thank Cesc for his contribution at Arsenal and we wish him success in the future."
Wenger also felt his side were more organised in their opener at St James' Park than in the same fixture last term which ended in a 4-4 draw. The Frenchman also insists Gervinho's dismissal for a swipe at Joey Barton was unjust.
"I thought my players gave a solid performance at Newcastle on Saturday," said Wenger.
"We were in control of the match and I felt that Newcastle had last season's 4-4 draw more in their mind than we did because they were organised not to concede goals.
"I must say they defended well and made it difficult for us but I felt that we were missing something in the final third and in the speed of our passing.
"But overall we had a good performance and I can't remember Newcastle having a clear-cut chance of scoring. We deserve credit for that and I believe that Vermaelen and Koscielny played very well together.
"The big talking point came at the end with Gervinho's sending off and I feel we were harshly punished. We try to play football and sometimes we overreact so we have to take control of that. If we have an area to improve on, then that is it."