The Daily Star claims Ferguson has given up hope of signing Valencia's David Villa and instead will turn to Aguero, the Argentine who is an international team-mate of Carlos Tevez.
One of many attacking players dubbed the new Maradona, Aguero was outstanding for Argentina in the Olympics, and has been influential in Atletico's return to the Champions League.
The Star speculates that Aguero would cost United around £45 million, smashing the British transfer record.
United, of course, have cash to spend following Cristiano Ronaldo's move to Real Madrid, but they would also have to offer exorbitant wages, given the weakness of sterling against the euro.
Meanwhile, Valencia forward Villa has admitted that the speculation linking him with a move to United, Chelsea and Real Madrid and a host of other top clubs has heaped pressure upon him in a 'dreadful' week in his career.
Villa, on Confederations Cup duty for Spain, is one of the continent's most coveted players in a summer transfer window that has been injected with both money and intrigue by Real Madrid's world record signings of Kaka and Cristiano Ronaldo.
Chelsea and United lead the chasing pack from the Premier League, though the player has oft stated a desire to remain in Spain, handing Real the initiative.
'Nobody can know how dreadful the past week has been for me,' he said. "It was really bad with all the speculation going on and everyone always asking me about my future.'
'My family has advised me to focus strictly on the football so that is what I have been trying to do – and will continue to do over the next week while we are here in South Africa.'
International strike partner Fernando Torres claimed this week that Villa would not be joining him in England though Villa was tight lipped when asked the inevitable question over his likely destination.