Should he prove to be fit then Guardiola will have to decide whether to play the Argentine alongside Gabriel Jesus, or leave one on the bench.
MAN CITY INJURIES
As well as Aguero, John Stones is also back in training. Guardiola said last week that he hoped the centre-back would be available for "the last games of the season".
A video on the City website on Wednesday showed both men taking part in a light warm-up away from the rest of the team, before joining in with more strenuous work.
Claudio Bravo (calf) and Ilkay Gundogan (knee) are both out for the season.
MAN CITY SUSPENSIONS
Neither team have any suspensions.
MAN CITY POTENTIAL STARTING LINE-UP
It is tempting to suggest Guardiola could field an unchanged team this weekend, even if Stones and Aguero are passed fit.
The XI selected against Crystal Palace all contributed to an emphatic 5-0 victory and they could be given the chance to play together again.
There is a chance that Guardiola may elect for extra security in midfield, by putting in Jesus Navas at right-back and moving Fernandinho into the middle.
Fernandinho replacing Yaya Toure like-for-like could offer City a bit more mobility, but Guardiola has tended to play the two together when looking for a bit more control of matches, and that would mean one of City's attacking midfielders dropping out.
Guardiola used a 3-5-2 system against Boro in a bid to get both Aguero and Jesus in the team, though the Catalan was forced to abandon the plan just after half-time, and it is unlikely he will try it again this season.
LEICESTER CITY TEAM NEWS
Leicester City have emerged from a brief slump to win their last two matches and will surely be up for a trip to the Etihad Stadium.
A run of six consecutive victories in all competitions following Claudio Ranieri's sacking helped turn around the club's faltering season and secured Premier League survival in the process.
The Foxes then went on a five-match winless run but have bounced back with two wins from their last two games and now face City and Tottenham in their final two games.
The Midlands side boosted their title challenge with a win at the Etihad last season, and roared to a 4-2 victory at King Power earlier this season, and the thought of repeating the trick should provide inspiration for Craig Shakespeare's side.
But they have been hit by injuries to some key players, with captain Wes Morgan out with a hamstring injury and Danny Drinkwater out with a thigh problem. Nampalys Mendy is out for the season, and Robert Huth is doubtful with a foot injury.
BEST OPTA MATCH FACTS
Man City have won only two of their last seven Premier League meetings with the Foxes (D2 L3).
Leicester have won their last two league games against the Citizens, scoring at least three goals each time (3-1 in February 2016 and 4-2 in December 2016) – the Foxes haven’t won three in a row against City for 50 years (March 1967).
Manchester City have won their last four home Premier League games against reigning champions – each of the last two were by a three-goal margin (4-1 v Manchester United in September 2013 and 3-0 v Chelsea in August 2015).
Sergio Aguero needs two more goals to reach 20 in the Premier League this season. If he manages this, he’ll be the fifth player to score 20+ goals in three consecutive seasons after Alan Shearer (four seasons), Thierry Henry (five seasons), Ruud van Nistelrooy and Harry Kane.
Kevin De Bruyne has assisted six goals in his last seven Premier League matches, including two last time out against Crystal Palace.
TV COVERAGE & KICK-OFF TIME
The game kicks off at 12:30 UK time on Saturday, May 13 and is available on Sky Sports 1 in the UK.