Aguero limped off against Southampton last month and has missed the club's last four games.
City's website (www.mcfc.com) said Aguero played a full part in Wednesday's training session and, providing he suffers no reaction, could be ready to play at The Emirates on Monday.
Aguero's season has been a stop-start one so far with a hamstring injury picked up on international duty sidelining him for seven games earlier in the campaign.
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He has only scored in three Premier League games, although managed five against Newcastle United.
He netted 26 in the league last season.
Arsenal are second in the Premier League, one point above third-placed City who needed a stoppage time winner to beat struggling visitors Swansea City last weekend.
(Reporting by Martyn Herman; editing by Ken Ferris)
