There's no way we'll get him at those prices.
Surely Barca won't sell? What are their midfield options without him? Xavi isn't getting any younger.
You do have to wonder, however, whether there's a price that might get Barcelona interested in accepting.
Like most other posters here, I have no experience whatsoever with football transfers. But I do negotiate for a living and I can tell you with a great deal of certainty that one doesn't make idle offers. You just don't waste people's time with offers you know are going nowhere.
Football is different in that there's some value in stirring the pot, either to unsettle the fans of a rival club, subject the club ridicule, unsettle the player himself and so on. A good example is Mourinho courting Rooney. I have not read that Chelsea have put in an official offer for Roo, but I can see the value of messing with United with a cheeky bid in light of Roo's current situation.
But in this case -- and let's assume the bid is real -- it really makes no sense to have put in a bid for Fabregas if there weren't something factual United were aware of that suggested Barcelona would look at the bid with some interest.
It cannot be that we have put in a purely pointless bid simply to appease restless fans.