According to French outlet Le10Sport.com (h/t Goal), both Zidane and club president Florentino Perez want Aguero to lead a new lineup of Galacticos after the failures of Los Blancos this term. PSG are also reportedly "monitoring the forward," but the arrival of Pep Guardiola at City could prevent a transfer.
According to Mike McGrath of the Sun, City are ready to offer Aguero a £250,000-a-week four-year contract, which will extend his stay in the north-west until 2020. The new deal, which would see the striker receive a £30,000 per-week pay rise, means the mercurial talent will become the highest-paid player in the history of the club.
Sky Blues manager Manuel Pellegrini underlined the importance of Aguero to the Premier League club, per McGrath: "Sergio is a top player so it is important. We have the fortune to have him here, and I’m sure this club will try to retain him forever."
Madrid are currently 12 points behind Barcelona at the top of the Spanish Primera Division and desperately need to rebuild after the installation of club legend Zidane.
The Frenchman watched his side fall to a 1-0 defeat against Atletico Madrid in the race for second place, with the capitulation leading to scathing comments from Cristiano Ronaldo.
ESPN FC's Dermot Corrigan shared Ronaldo's comments in the wake of Real's derby failure, as the icon criticised his fellow team-mates:
With Ronaldo morphing into a natural No. 9 as his wider duties fall to others, Aguero could be viewed as a direct replacement for the Portugal captain if he opts to leave.
According to Spanish outlet El Confidencial (h/t Goal's Tom Maston), Ronaldo is readying himself for an exit from the Spanish capital, potentially opening the door for a new Galactico to be recruited.
Aguero has been plagued by injury during his time at City, but he always delivers on the pitch when in prime health.
The 27-year-old has hit 16 goals in 24 appearances in the Premier League and Europe this term, according to WhoScored.com, and is likely to maintain this ratio if he switches to Madrid.
Zidane has the creative nous to fully service the predatory instincts of Aguero, who is very familiar with La Liga after his successful spell at Atleti.
Ronaldo's goal exploits will need replacing if he decides his future lies away from Spain, and the capture of the diminutive Argentinian would excite Madridistas across the capital.
Aguero has achieved every domestic ambition possible with City during his stay, and he might feel his UEFA Champions League desires fit Real's mandate to add to their La Decima haul of titles.