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All-time record goalscorer Aguero is out of contract in the summer and it's looking increasingly unlikely that the Argentine will extend his stay at the Etihad Stadium beyond ten years.
Barcelona appear to be the favourites for the former Atletico Madrid man, but City face an almighty task finding a successor for a player who has scored 257 goals in in 384 appearances.
And according to Sky Sports, City are interested in Southampton striker Ings.
Having joined Saints permanently in 2019, the former Burnley man is out of contract in 2022 and is not close to signing a new deal at St Mary's Stadium.
The main issue that could put City off Ings is his worrying list of injury problems. He suffered two serious knee injuries in the space of 12 months during his nightmare spell at Liverpool.
This term, City have had to play the majority of this season without a recognised No.9 because of Aguero's lengthy lay-off.
Speaking last month, Saints manager Ralph Hasenhuttl stated his desire to get Ings to sign fresh terms with the club.
"We are in negotiations but we have in the moment a tricky situation the Premier League where every club is losing money.
"We can only do what we can do and this is why we are looking.
"Danny shows that he wants to be with us, that he wants to be with the club. I am hoping that we find an agreement."