Aguero joined City from Atletico Madrid in 2011 and has scored 257 goals in 384 games since, making him their record goal-scorer.
City chairman Khaldoon Al Mubarak said he would reserve any farewell speeches until Aguero actually leaves, but revealed he had commissioned a statue of the striker.
“Sergio’s contribution to Manchester City over the last 10 years cannot be overstated,” Al Mubarak said.
“This is not yet the moment for farewell words and speeches. There is still much to achieve,” he said with City in the running for their first ever European Champions League and hot favourites to win back the Premier League.
“In the meantime, it gives me great pleasure to announce that we will be commissioning an artist to create a statue of Sergio to live at the Etihad Stadium,” the Manchester Evening News reported.
The newspaper said City were planning a farewell party for Aguero after their final game of the Premier League season against Everton May 23.