It is believed Barcelona received £30million from Chelsea for the 27-year-old and Fabregas has signed a five-year deal at Stamford Bridge, as the move was completed with the player currently in Brazil with the Spain national side.
Fabregas came through the ranks at Barcelona before joining Arsenal, where he developed into a first-team regular over an eight-year spell and eventually became captain at the Emirates Stadium.
Arsenal had decided against making a move for their former skipper.
'I do feel that I have unfinished business in the Premier League and now is the right time for me to return,' he said in a statement.
'Yes, everyone knows that Arsenal had the first option to sign me.
'They decided not to take this option and therefore it wasn't meant to be. I wish them well in the future.
'I considered all the other offers very carefully and I firmly believe that Chelsea is the best choice.
'They match my footballing ambitions with their hunger and desire to win trophies. They have an amazing squad of players and an incredible manager. I am fully committed to this team and I can't wait to start playing.
'It was extremely important to me that this transfer was completed before the World Cup so that my mind will only be focused on hopefully helping my country try to retain the trophy.'
And the ex-Arsenal captain was at pains to point out that it was Arsenal's decision to end any potential reunion, and not vice versa.
'Firstly I would like to thank everyone at FC Barcelona where I enjoyed three wonderful years. It was my childhood club and I will always be proud and honoured that I had a chance to play for such a great team.
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