Speculation in Spain has the Argentina international as a top target for Barca heading into the winter transfer window.
Were no deal to be done in the New Year, the Catalan giants would then be expected to reignite their interest next summer.
Aguero has prior experience of life in La Liga from his time at Atletico Madrid and is a close friend of Barca talisman Lionel Messi.
City, though, have been quick to curb the rumours and Barcelona vice-president Josep Bartmoeu has now announced that his club have no intention of making an approach.
He told Mundo Deportivo on the Aguero link: "No, we have had no contact with him.
"I can say that the story is not true."
Aguero, who has already netted 17 times for City this season, has also been heavily linked with Barca's arch-rivals Real Madrid.
Blues boss Manuel Pellegrini was, however, quick to rubbish reports of an imminent exit when quizzed on the subject over the weekend.
He said: "I don't know anything about that. I don't think Sergio wants to leave. That is not a problem for us. I don't believe in that."