The Premier League champions elect will only have one recognised senior striker on their books when Aguero's contract expires in June this year, lending reason to believe that they will be in the market for a new centre-forward.
Pep Guardiola has claimed that it will be "impossible" for City to land a high-profile replacement for the club's all-time record goal scorer.
"“Listen, with these prices we are not going to sign any striker – we cannot afford it, it’s impossible. That’s not going to happen, no. All the clubs struggle financially and we are not an exception. We have Gabriel [Jesus] and Ferran [Torres] who played incredible in this position this season."
However, a report from Italian media outlet Calciomercato claims that City are in the market for Serie A star Lukaku.
What's the latest on Lukaku?
The report reveals that City made an approach for the former Manchester United forward in the summer of 2020.
Now that Aguero's future is destined to be played away from the Etihad Stadium, City are weighing up a summer move for Lukaku just twelve months after their last approach.
However, they will face fierce competition from Chelsea who have Lukaku positioned as second-choice on their shortlist of attacking targets.
Naturally, Erling Haaland is Roman Abramovich's number one target but sources close to Calciomercato suggest Chelsea may be willing to table an offer of more than €100m to bring Lukaku to Stamford Bridge.
Lukaku's ground-breaking success at Inter
Lukaku has become a talismanic figure at Inter since signing from Man United and is now regarded as an untouchable talent at the San Siro.
The Belgium international has been in lethal form since the start of the 2019/20 season, eclipsing Ronaldo Nazario's total return (59) for the Nerazzurri in 13 less matches.
This season Lukaku has notched 27 goals across 36 games in all-competitions and provided 29 goal contributions (21 goals and eight assists) in 28 Serie A fixtures.
His form has been a pivotal factor in pushing Inter towards their first Italian title since Jose Mourinho's iconic treble-winning 2009/10 season.
Is he ideal for Man City?
Like so many strikers, Lukaku seems to thrive when he's the star of the show.
He oozes confidence at the spearhead of Inter's attack and is revelling in his newfound status as a leader of Serie A's soon-to-be champions.
And that only begs the question: would he receive his current level of adulation at City?
Surrounded by superstars and facing the prospect of rotating on a regular basis to accommodate either Gabriel Jesus or a false-nine, Lukaku would have to rescind the status he currently enjoys and, based on how his stint at United unfolded, that may be detrimental to his goal scoring prowess.
Stylistically, Lukaku doesn't strike as the type to lead the line for a team as expansive as City, and the fact he's excelled since working under Conte, a famed counter-attacking tactician, proves he'd be better off staying put this summer.News Now - Sport News