The Manchester City striker has been diagnosed with a "first-degree muscle strain" after limping off the pitch in the first half of Argentina's 3-2 win over Nigeria on Wednesday.
Argentine newspaper Clarin reported that Aguero would miss the remainder of the tournament because of the injury, but the claims were swiftly denied by Argentina team spokesman Andres Ventura.
Following evaluation of the scans on Aguero's ailment, team doctor Daniel Martinez insisted the striker has a chance of being fit for the quarter-finals should Argentina progress to the last eight in Tuesday's clash with Switzerland.
"It's a first-degree muscle strain in his femoral biceps," Martinez said at Thursday's press conference. "It's a degree lower within the muscular injuries.
"He will try to recover as soon as possible."
But Martinez admitted it was impossible to predict a recovery timetable for Aguero, adding: "We have several (treatment) alternatives that we will evaluate regarding how it develops.
"We have all the available resources in order to get Sergio fit as soon as possible.
"The recovery already started on Wednesday.
"From Switzerland onwards, it will depend on whether Argentina remains in the competition and on his day-to-day recovery in order to see him back on the pitch."