Aguero has been linked with a return to Spain for some time and is thought to be a top target for Real in the summer.
So far this term, the former Atletico Madrid star has failed to regularly hit the heights he displayed in his first season at City as he helped them to the Premier League title, although he remains a world-class talent on his day.
City do not want to sell the Argentinian, who cost around £35million in 2011, but an offer from Real, with either Higuain or Benzema thrown in, may be tempting when they reassess things in the summer following a disappointing campaign.
Any potential transfer deal between the two clubs could depend on managerial changes at both clubs over the close season, with speculation growing Roberto Mancini could leave the Etihad while Jose Mourinho’s position as Real coach looks even less secure.
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