The former Atletico Madrid man has been linked almost constantly with a return to Spain since moving to the Etihad Stadium in 2011.
His goals have helped City win two Premier League titles and a League Cup in that time - Aguero famously scoring the crucial goal that secured them their first top-flight trophy in half a decade two years ago.
The Argentina international, currently at the FIFA World Cup, insists he is not interested in a move to either of the Spanish giants.
"There's lots of talk about Real Madrid and Barcelona. It's always the same every year," he told Spanish radio station Cadena Cope.
"But the truth is that I'm going to stay at City.
"I'm very happy and I'm going to continue there."
Despite being dogged by injuries last term, Aguero scored 28 goals in all competitions as City won the league and the League Cup.
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