According to the Daily Telegraph, the Argentinian forward's calf injury is not as serious as first feared.
City boss Manuel Pellegrini had admitted on Tuesday that Aguero, 25, could be sidelined for up to eight weeks as a result of the injury sustained during the Premier League victory against Arsenal on Saturday.
However, the paper understands the player will be fit for selection before the end of next month.
The news eases concerns over his availability for the first leg of the Champions League second-round tie against Barcelona at the Etihad Stadium on February 18.
Source: Manchester City MAD