The 24-year-old joined the Premier League runners-up in 2011 from Atletico Madrid, scoring 30 goals in his maiden season for the club, but only notching 12 goals in an injury-hampered 2012-13 campaign.
And now chief executive Ferran Soriano has categorically ruled out the sale of City's star forward, and says Aguero has no desire to leave the defeated FA Cup finalists.
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"We’ve had discussions with Sergio and his agent about several things and he has never expressed the willingness to go.
"We have never had an offer and even if we had an offer we would say 'no'."
City have been linked with a host of world-class players as they seek to regain the Premier League title next season, with Goal reporting that Isco, Fernandinho and Edinson Cavani are all on their wanted list.
And Soriano revealed that the club are on the verge of tying up several deals for new players as they look to strengthen ahead of the new campaign.
“Yes we are [close to bringing in new players]," Soriano continued.
"The way we want to work is identify the positions we want to improve, identify the candidates and then work on that.
"We’re at the closing phase with several of them but the closing phase can take one week or sometimes three months.
"We’ve been analysing the positions we want to improve and the market since the start of November.
"So we know what we want and we’re ready to go for the players that we want."