Aguero has been with the Cityzens for the past decade, and he is their all-time leading scorer with 257 goals from 384 appearances.
Despite his immense success, Aguero could be heading for the exit door when his contract expires at the end of June.
The Argentine has had a tough season where he has made only 14 appearances while scoring on just three occasions.
Initially, his playing time was hampered by injuries and coronavirus, but he is now out-of-favour under manager Pep Guardiola.
It is reported that Chelsea are long-term admirers of the Argentine, and they were keen on signing him during his Atletico Madrid days.
Barcelona have also been credited with an interest, and both are said to be closely monitoring the striker’s situation.
Aguero has been a regular on the bench over the past five weeks, with Gabriel Jesus chosen to lead the line.
There have been games where Jesus has been benched, but Guardiola has gone with Bernardo Silva in a false number nine role.
This has raised doubts over Aguero’s future with the club, and he may be tempted to pursue a fresh challenge elsewhere.
Aguero has been a tormentor of Chelsea’s defence over the years, netting 15 goals in 21 appearances against them.
The west London side may look to lure him to their ranks due to his vast experience and impressive scoring feat in the league.
The Argentine could act as a replacement for Olivier Giroud, and he may be tempted by the prospect of staying in the English top-flight.
Meanwhile, the Blaugrana could be another genuine option for him. He could be reunited with close friend and compatriot Lionel Messi.
The Catalan giants have lacked a genuine scoring striker since the departure of Luis Suarez last summer, and Aguero could be the ideal fit for them.
Messi’s future with the Blaugrana remains uncertain, with his deal expiring in June. The arrival of Aguero may convince him to stay.
Aguero, who is currently valued at £31.5 million (per Transfermarkt), has made 384 appearances in all competitions for Manchester City.
Stats from Transfermarkt.com