The 25-year-old began his career with the Primera B Nacional side in his homeland before making the move to Europe with Atletico Madrid in 2006, five years before he joined City.
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"I love Independiente and, when they were relegated, I even thought about moving back there," Aguero told The Sun.
"I wanted to help the club to go up again. I definitely thought about it but my agent told me City would have killed us if we had.
"I know my job is at City, I am just saying the thought passed my mind when Independiente went down.
"I've been very happy at City since the day I came but I'm definitely going to back Independiente in a few years as I want to finish my career there."