Aguero signed a five-year deal with City in August 2014 which would see him stay with the club until the end of the 2018-19 season, while talks were also held over a one-year extension.
But speaking to radio station Independient en la Uno, the striker appeared to confirm he would return to Argentina after the tournament in Russia in 2018.
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"Here at the club they are great with me, they always told me that they were open if the chance of a transfer arises. But where am I going to go in Europe?
"No, when I go, when my contract ends, I'm going to Argentina to play for El Rojo. From Manchester, straight to Avellaneda."
Aguero has previously spoken of his desire to return to Independiente when his City contract expires.
"I do not want to make my comeback when I am too old," he said in December 2015. "If everything goes well, I will return to the club of my heart at the age of 31."