The Spaniard departed in 2011 to rejoin his hometown club Barcelona from the London side.
"I'm not convinced that he won't come back here one day," Wenger says. "He is really an Arsenal man. He loves Arsenal and watches every game of Arsenal.
"But of course Barcelona was his home town where he grew up and you have to accept that will come into it, especially with them having the best team in the world.
"[Fábregas would not come back] in the next two, three years, certainly not, because he is linked with Barcelona. But maybe later."