Roy Nemer of Mundo Albiceleste reported the news.
Manchester City have gotten off to a hot start in the Premier League, winning five of their first six matches. They have outscored opponents 21-2 and are currently tied with Manchester United at the top of the Premier League table with 16 points.
Aguero has six goals to his name in the league, but could be facing a spell on the sidelines - and City confirmed on their official website that he had been involved in an accident in Holland on his day off.
A statement from City read: "Sergio Aguero will be assessed by Club doctors today after being involved in a road accident on Thursday.
"The City forward was in Holland on his day off and has sustained injuries.
"He will return to Manchester this morning and his status will be checked ahead of tomorrow's Premier League clash at Chelsea."
Although confirming Aguero suffered injuries, City did not comment on whether he had broken any ribs or how long he would be sidelined for.
If he is out of action for any period of time, it will come as a huge blow to City boss Pep Guardiola who has been full of praise for the Argentina international.
"He loves to play football," Guardiola told reporters of Aguero. "He likes the ball and when he can score a goal, his eyes open. He's a football player. Sergio has the character to score goals. He had it in the past with Argentina, his mother and father gave him that talent. He will die scoring goals, there is no doubt about that."
Losing Aguero, who has scored six times and recorded three assists through the first six matches, would be a major blow. City would have to rely on Raheem Sterling and Gabriel Jesus to add more goalscoring prowess.