Aguero has fallen out of favour at Manchester City following the arrival of Gabriel Jesus last month.
The Argentina international is the club’s third-highest scorer of all time but faces a fight to prove his worth to manager Pep Guardiola.
Express Sport understands City want Aguero to stay at the club beyond this summer.
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Arsenal are ready to sign Sergio Aguero in the summer
Gabriel Jesus has taken to life at Manchester City like a duck to water
It is said that, though City want to keep him, Aguero wants to quit the Etihad Stadium.
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Inter Milan, Real Madrid and Chelsea have all emerged as possible destinations for him.
Stan Collymore said earlier today the prospect of a move to Stamford Bridge is feasible.
But Arsenal are ready to muscle in on their bid to sign him at the end of the season.
Olivier Giroud and Danny Welbeck have struggled for form and fitness at Arsenal
The Gunners have struggled with strikers in recent years with Olivier Giroud and Danny Welbeck struggling with form and fitness.
Aguero could be the signing that helps Arsenal challenge for the title – and keep star duo Alexis Sanchez and Mesut Ozil at the club in the process.
However, Arsene Wenger will have to shatter Arsenal’s transfer record to sign Aguero.
It is said City will not sell the 28-year-old for any less than £77million.