The 27-year-old joins Samir Nasri, Aleksandar Kolarov, Vincent Kompany and David Silva in signing a new deal at the Etihad Stadium.
Aguero famously scored the last-minute goal which won the Premier League title on the final day of the 2011/12 season.
"Last season was incredible, but I'm not just satisfied with two Premier League titles," he told City's website.
He has made 122 appearances for the club and scored 75 goals.
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