The Argentine has been with the Cityzens for a decade and is their all-time top scorer with 256 goals from just 381 appearances in all competitions.
However, he has been a lesser influence this term due to injuries and coronavirus and has been limited to only 11 appearances, where he has netted only two goals.
The 32-year-old recently said that he is unsure where his future may lie when his contract with the Cityzens expires in June.
It is now reported that Aguero’s agent has held talks with Joan Laporta, who was recently elected as the Blaugrana president for a second time.
The Argentine is happy to join the Catalan giants with a pay-cut, but will want a signing-on fee as he would be arriving on a free transfer.
Aguero has largely been an unused substitute for the Cityzens since recovering from coronavirus last month, which is likely to frustrate him.
He may be assessing his options ahead of the summer, and a move to the Blaugrana would be hard to turn down for the former Atletico Madrid star.
Ronald Koeman’s side have lacked the presence of a genuine scoring striker since the departure of Luis Suarez to Atletico last summer.
A match-fit Aguero would provide an instant upgrade on Martin Braithwaite for the Blaugrana, and he could be reunited with close friend and compatriot Lionel Messi.
Messi’s contract expires in June this year, but Aguero’s arrival may convince him to put pen-to-paper on a new long-term deal with the La Liga giants.
Stats from Transfermarkt.com