The Argentine forward still has three years remaining on his current deal but the club are keen to ward off potential suitors for the player but persuading him to commit his long term future to the Etihad side.
Aguero reaffirmed his importance to Manchester City after coming off the bench to score the winner during City's 2-1 derby victory over Manchester United in the Premier League.
The Spanish giants are in the market for a new striker and have reportedly identified Aguero as the man to fire them to glory.
Aguero is thought to have been tempted by such a move as his ex-wife and son are currently living in the Spanish capital.
The player used to be married to Diego Maradona's daughter, Giannina, and the Argentina legend is quoted as stating that a move to Real Madrid could be Aguero's 'big break'.
City are hoping to put an end to the exit rumours by offering Aguero improved terms on his current £170,000 a week deal.
Via: [Live Football] Karabukspor - Galatasaray - Turkish Superlig
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