The Argentine striker injured his calf during the 6-3 Premier League mauling of Arsenal on 14 December.
Initial reports suggested that he would be sidelined for a month, forcing him to sit out the busy festive and New Year period.
It would appear that he remains on course to return inside that timeframe, with Aguero back in full training.
City boss Manuel Pellegrini is wary of rushing his 19-goal hit-man back into the fold too quickly, but believes the South American could be ready for a recall by the time the Blues play host to Cardiff City on 18 January.
Aguero will miss important fixtures in the Capital One Cup, Premier League and FA Cup as he builds his way back to full fitness, but should be firing on all cylinders again by the time City head into a crucial run of games in February - with meetings with Chelsea and Barcelona in domestic and continental competition fast approaching.
Pellegrini said: "Sergio is working normally but I think he has at least one or two weeks more to go, probably two."
City are also hoping to have Steven Jovetic, Micah Richards and Martin Demichelis back by the time they welcome Cardiff to the Etihad Stadium.