Aguero, who has scored 19 goals this season, has missed eight games after suffering a calf injury in the 6-3 thrashing of Arsenal on December 14.
City boss Manuel Pellegrini has not yet decided if Aguero will feature as Blackburn visit the Etihad Stadium on Wednesday, but the Argentinian is in contention.
Pellegrini said: "Sergio is working with normality with the whole squad and he is on the squad list for tomorrow.
"He is a very important player for us. It doesn't matter if we are scoring a lot of goals, Sergio will always be a very important player and we are happy he is coming back."
Aguero's return is timely with Samir Nasri ruled out for around eight weeks with knee ligament damage.
Pellegrini said: "It is very important. We have not only important games, but a lot of games. All of them are important for us."
Nasri, who had also been in fine form this season, was carried off on a stretcher after being caught by a bad tackle from Newcastle's Mapou Yanga-Mbiwa.
Pellegrini said: "He is a very important player for us.
"He was also playing in a very good moment so we hope he can come back as soon as possible but I think less than six or seven weeks will be difficult."
Nasri has suggested he is relieved the injury is not more serious.
Aguero offered support to his team-mate via Twitter.
He wrote: "All my strength goes to @SamNasri19! Eight weeks will fly by, tho we need you in the team. You'll come back better than ever!"
Pellegrini also confirmed Yaya Toure and David Silva would miss the return game against Blackburn with minor injury problems.
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