Aguero has lost his starting place at the Etihad Stadium to Gabriel Jesus for the last two Premier League matches and has had to look on as the 19-year-old has stolen the limelight.
While the Argentina international has insisted he wishes to remain at the club, City have made contact with Aubameyang's representatives over a possible switch, per Martin Lipton of The Sun.
For his part, Aguero stated after City's 2-1 win over Swansea City on Feb. 5 that he was keen to stay with Pep Guardiola's side.
Per Simon Stone for BBC Sport, the 28-year-old said: "I want to stay, of course. In these [next] three months I have to help the club and then they will decide if I have a place here or not."
Indeed, it was only in September that the Argentinian frontman praised boss Guardiola for getting the best out of him, as noted by Chris Bascombe of the Telegraph:
"According to my style of playing, he is one of the managers that have helped me most in my career. Despite (my form) in the Premier League, and my last season at Atletico, I've improved in my game near the box and scoring goals. With Pep I will get even more chances."
Aubameyang, who tops the Bundesliga goal charts with 17 goals from 17 matches this season, grabbed the only goal of the game as Dortmund beat RB Leipzig on Saturday.
Full of pace and trickery, the Gabon international's prolific goalscoring form continues to attract suitors across Europe.
While his all-round approach play has developed well this season, Aubameyang remains a constant threat to opposition teams both in and outside the box.
He has shown he is more effective when used through the centre at the Westfalenstadion but is also comfortable playing anywhere across a front attacking three.
Should Aguero decide to depart Manchester, Aubameyang would appear to be an ideal replacement to fit seamlessly into a City squad already featuring so much speed and technical ability, with Raheem Sterling, Leroy Sane and Jesus.
Arguably, there are not many strikers who could succeed Aguero, but at 27 years old, Aubameyang is a player high on confidence and with signs that there is plenty more still to come.