As confirmed by Manchester City, the Argentine will become a free agent this summer with plenty of clubs in the Premier League and abroad linked with a deal.
Mikel Arteta, who worked closely with Aguero at Etihad stadium, was all praise for the 32-year-old striker when he was asked about the possibility of signing him this summer. However, he responded to the possibility saying "we'll see".
Speaking at his press conference on Thursday, the Arsenal manager said: "Anyone who has been close to Sergio would say the same thing. He's been one of the main faces that has lifted that project.
"You need some leadership, you need some quality players to create those moments, to start to build that project. It's not only the way he plays, it is his charisma, his personality - he is loved by everybody at that club."
Pressed on whether Arsenal could sign Aguero on a free transfer, Arteta said with a laugh and a smile: "We will see what happens with him in the future."
Winning four Premier League titles, one FA Cup, and five League Cups, Sergio Aguero has established himself as one of the Citizens icons during his career.
Manchester United, Chelsea, Juventus, and Barcelona are the elite clubs that have been linked with a move for the Argentina international.