Aguero's future at Manchester City is in doubt following the arrival of Gabriel Jesus last month.
Jesus has taken the Premier League by storm, scoring twice in a 2-1 win over Swansea on Sunday.
Aguero, despite being City's third-highest scorer of all time, now faces an uncertain future at the Etihad.
Paris Saint-Germain want to sign Sergio Aguero from Manchester City
PSG's top target is Arsenal star Alexis Sanchez
Premier League 100 club: Every player with over a century of top-flight goals
Thu, February 2, 2017
Express Sport takes a look at the stars who have notched up 100 or more Premier League goals
1 of 27
Which players have notched up over 100 goals in the Premier League?
Express Sport understands the Argentina international is wanted by Real Madrid and PSG.
But PSG will only make a move should they miss out on signing Sanchez from Arsenal.
Get Quotes on Home Insurance
The former Barcelona star is yet to commit his future to the Gunners, with his current contract expiring next summer.
The form of Gabriel Jesus has plunged Sergio Aguero's future at Manchester City into doubt
His failure to do so has led to talk that he could be about to quit the north London club.
PSG want a marquee name with the club lacking a superstar following Zlatan Ibrahimovic's move to Manchester United last year.
And Aguero could be that man should PSG fail to sign Sanchez, who has also been linked with a move to City.