Barcelona have confirmed that they are interested in signing the Arsenal captain Cesc Fábregas, but have ruled out breaking the bank to bring the Spain midfielder back to Camp Nou.

Fábregas, who left Barcelona for England as a 16-year-old, has been repeatedly linked with a return to the current European champions, and the sporting director Txiki Begiristain has identified him as one of the few players capable of improving a team that won the treble last season.

"It depends on how much we want to spend," Begiristain said in the Spanish tabloid Marca. "If we spend a lot of money, it is possible [to bid for Fábregas]. We do not know how much it will be yet. We have not asked Arsenal. If the amount is too high, we will not try."

Barcelona fans have had to look on as rivals Real Madrid splashed more than £220m on the likes of Cristiano Ronaldo, Kaká and Xabi Alonso this summer. The signing of Zlatan Ibrahimovic from Internazionale – with Samuel Eto'o moving in the other direction – has been Barça's one notable outlay.

"We find it difficult to improve what we have and that is the reality," added Begiristain. "Improving a team that has won a treble is difficult, and trying to improve dramatically can get you into trouble. Any new player must be compatible with the plans of the coach. Here the views of Pep Guardiola are critical."

One possible target is Shakhtar Donetsk's Dmytro Chygrynskiy, and Begiristain would not rule out a move for the Ukranian. "I don't want to dismiss any of the players we like and will help us improve," he said. "There are several options."