Spanish newspaper AS made the claims yesterday, claiming that Aguero wants to return to Spain where he previously played with Atletico Madrid.
Atletico are said to be in for Barcelona's David Villa, who looks certain to leave in the summer, with Arsenal interested.
Aguero would certainly fit the Barcelona model, a skilful and technical player with a low centre of gravity, who scores goals - and is also proven in La Liga.
The trump card is he is used to playing alongside Lionel Messi; Aguero scored for Argentina in midweek in their win over Sweden, and the pair have played with each other since youth level upwards.
There was a time at Atletico where Aguero was compared to Messi, it's easy to see why, they are similar type of players- but players of this calibre you simply can't have enough of.
A move to Barcelona could help him fulfil that potential if it came off. but City are unlikely to want to sell, especially considering they may have to take a loss on the £37 million they paid for him, with Barcelona tough negotiators.
Real Madrid are also long-time admirers of Aguero, and the chance to go head to head once again with his international teammate may appeal to the Argentine.
His father-in-law Diego Maradona could complicate matters, or smooth them along, as a former Barcelona player he'd likely be keen to see Aguero follow in his footsteps.
The livewire attacker has certainly repaid the faith put in him when City made him their record signing a couple of summers ago, most memorably firing the title winning goal against QPR last May.
This season he has been waylaid by injury, and despite his moments of genius, as shown against Liverpool, he hasn't quite been as scintillating as it was hoped he might, unable to prevent City sliding 12 points behind their rivals.
How City line-up next season really is anyone's guess right now. Unless Aguero puts a stop to the rumours, this will will probably run until the summer.
City fans, what do you think, could Aguero really leave?
image: © azuaje