The former Atletico star can't picture Aguero wearing the white jersey in the 2011-12 campaign and has stated his belief that the forward could still stay put
The 23-year-old attacker recently revealed that he wants to leave the club in the summer transfer window, and the Argentina international has been heavily linked with a move to Atleti's city rivals.
"It is very hard to imagine Aguero moving to Real Madrid. There still exists a huge rivalry with the Atletico fans and they would not like to see the transfer materialise," Futre was quoted as saying by El Mundo Deportivo.
"I don't really understand Aguero's comments. I have a feeling that his agents are behind all this. I am sure that the supporters will forgive him if he stays at the club and he apologises. He's a great player and that's the way things go in the footballing world."
Aguero is currently preparing for the Copa America in Argentina and the forward is not expected to make a final decision on his future until after the tournament.
Aside from Real Madrid, Serie A side Juventus are also keen to lure the diminutive attacker to Italy, and are allegedly hopeful of arranging a meeting with the player's agents next week.