Aguero has missed City's last four games in all competitions due to the injury sustained in the 3-1 Barclays Premier League victory over Southampton on November 28.
The club announced on their official website on Wednesday that the 27-year-old Argentina international had returned to normal training with the full City squad that morning.
And the statement, accompanying pictures of Aguero taking part in training, added: "Provided there is no reaction, (City boss) Manuel Pellegrini will hope to have Aguero available for the trip to the Emirates Stadium."
City are currently third in the table, a point behind second-placed Arsenal and three adrift of leaders Leicester
Source: PA