The 24-year-old has been the subject of constant speculation this summer, with a move back to his homeland seemingly on the cards.
The European champions have yet to meet the Emirates outfit's reported €40 million valuation of the midfielder and Arsenal are holding firm over a possible deal.
And even though Fabregas has stated that he dreams of a return to the side in which he progressed through the youth ranks, Cruyff says Arsenal hold the key to the prospective transfer.
"[Coach] Arsene Wenger looks after their interests and it is Arsenal who control the situation. Cesc signed for many years and now he has to play them. If Barcelona want to buy him, you have to pay [for him]," the 64-year-old said at a presentation of a shoe store in the Catalan resort of Platja d'Aro.
"When you sign for a club, you are bound to it. Arsenal are the master of the situation. It is logical to want [him] to come here, but he is under contract with another club."
The Amsterdam-born former Barca player and coach also equated the situation to a hypothetical move to Argentina for Lionel Messi if the forward wanted to leave Camp Nou to return to his homeland.
"You have to think what would happen, for example, if Messi wanted to return home. The clubs should talk."
When asked whether he saw a conclusion, the Dutchman remained impartial, but he believes Barcelona will have to spend a large chunk of their summer budget to capture their former youth player.
"I have no idea whether he will come. What I know is that they are asking for a lot of money. We must use our heads," he said.
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