Jurgen Klopp's Reds have dropped just two points all season, and despite getting back to winning ways with a 2-0 home win over Sheffield United on Sunday, City are 14 points adrift having played a game more:
Liverpool would have to suffer a collapse of unprecedented proportions to give the Sky Blues a chance of winning their third successive league title.
Aguero has said City's aim now must be to maintain their position in the top four, with title ambitions gone for the 2019-20 campaign, per Simon Evans of Reuters:
"Now, Liverpool is too hard. We have to focus just on winning because we need to play Champions League next season. We have to play the same way and see what happens."
City are back in action on New Year's Day when they take on Carlo Ancelotti's Everton, who will be aiming to win three consecutive league games for the first time since April.
The Toffees have lost their last four matches against City, and they have not beaten the Sky Blues away since 2010.
However, Pep Guardiola's side are more vulnerable this term than they have been for some time, and Everton have enough quality to cause City problems, particularly with Dominic Calvert-Lewin in excellent form:
In their two title-winning campaigns in 2017-18 and 2018-19, City conceded 27 and 23 goals, respectively.
Already in 2019-20, they have allowed 23 goals, and Aymeric Laporte has been conspicuous by his absence as he recovers from a knee injury.
Even with a solid defence, City would have struggled to match the remarkable pace Liverpool have set this term, but they would likely still be in the race.
After losing five of their first 20 league games of 2019-20, though, City's hopes of matching rivals Manchester United by winning three Premier League titles on the bounce are all but gone.
Even if they win all of their remaining 18 games of the season, City would only reach 95 points, a mark both they and Liverpool passed in last term's nail-biting title race.