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Per Rory Smith in The Telegraph:
The player is expected to hold talks with Manchester City today over a five-year contract, thought to be worth around £150,000-a-week, before completing his move.
The 23-year-old's imminent arrival brings to a close one of the most laborious sagas of the summer and represents a major victory for the Etihad Stadium side and City's manager, Roberto Mancini, in his attempts to build a team capable of winning the Premier League.
Smith confirmed this earlier this evening (UK time) on his Twitter page and Daniel Taylor in The Guardian is also reporting that a deal has now been agreed.
UPDATE:
We now know that Aguero has arrived in Manchester to meet with City officials (tweeting confirmation this morning), the presumption being to finalise negotiations and officially announce the signing.
The official City twitter feed has confirmed Aguero is at The Eithad Stadium, tweeting '@aguerosergiokun is at the stadium'.
UPDATE:
From the man himself to confirm the signing:
The signing is official. City have now confirmed that Aguero has signed a five-year deal and will sport the number 16 shirt, with a video interview up on the official site. There are reports that Aguero could even make his debut in the forthcoming Dublin Cup tournament.
Bosnian Bulldog has a look at Aguero here, whilst there is a nice profile of the latest recruit by Sid Lowe in The Guardian. There is a further look at Aguero by David Cartilidge in The Mirror, and check out his Twitter timeline for some analysis he gave me of how he expects him to fare at the club and in the Premier League.