He insists the two clubs are still a long way apart and has told Barca they will miss out on Fabregas if they do not act soon.
"They have been messing about for a year-and-a-half now and they have got to make up their minds," Hill-Wood said in the Daily Star.
"The ball is in their court. They have made one bid of around £26m and another rather tentative one.
"If they want to buy the player they are going to have to pay the right price - and when you look at what is being paid elsewhere I don't think what we are asking is at all unreasonable."
Asked whether the time was approaching when the North Londoners would call off talks, Hill-Wood added: "We are getting close to that."