Manchester City striker Aguero, who receives the award for the first time, scored four goals in three Premier League appearances last month, including a brace in the 3-1 win at West Ham United.
The 25-year-old is the joint top-scorer in the Premier League with eight goals in nine appearances, sharing the leading spot with Liverpool's Daniel Sturridge.
Southampton manager Pochettino has been rewarded for guiding his side to fifth place in the table at the end of October.
Saints claimed seven points from a possible nine with wins against Swansea City and Fulham and a memorable draw at Manchester United.
Source: Manchester City MAD