Aguero suffered a knee injury in training before City's 1-0 victory over Aston Villa and has not featured for the Premier League club since they defeated Chelsea at home on February 24.
News that the 24-year-old's recovery is progressing well will come as a boost to manager Roberto Mancini and City fans with the champions currently languishing 12 points behind Premier League leaders Manchester United going into Saturday's trip to Everton.
Captain Kompany has been out since January after sustaining a calf problem in the FA Cup fourth round victory at Stoke and Mancini said on Friday: "Sergio is in Argentina but he will come back on Sunday.
"Vincent is not in our plans for tomorrow. But I think he will be ready for the Newcastle game, like Sergio."
Mancini, sporting a red nose in recognition of Red Nose Day, accepted Kompany's injury has proved rather more serious than initially believed.
"It is difficult," added Mancini. "Vinny is a really important player for us and now it is 45 days he has been out. It is a big problem."
On this weekend's trip to Everton the Italian said: "Every game against Everton is very hard. They are a top team who always play at 200 per cent. They have good players and a good manager."
City overhauled an eight-point deficit last season to pip their fiercest rivals to the Premier League trophy.