Despite being currently sidelined with a knee injury, Aguero has enjoyed yet another prolific season with the Citizens, notching up 23 goals across all competitions.
With the Argentine's current deal at the Etihad set to expire next summer, Aguero has been tipped to move back to his native Argentina and rejoin boyhood club Independiente for the latter stages of his career.
However, The Mirror claims that City are open to offering Aguero a new deal if he can continue his goalscoring form into next season.
While Gabriel Jesus has been enjoying a consistent run in the team in the wake of Aguero's injury, the report claims that the Brazilian is yet to convince Pep Guardiola that he is capable of filling Aguero's boots in the long run.
Since arriving in Manchester from Atletico Madrid in 2011, Aguero has amassed 254 goals in 370 appearances for City and has lifted the Premier League trophy on four occasions.