The City striker is among the first five names to be revealed by France Football, along with Edinson Cavani, Alisson Becker, Gareth Bale and Karim Benzema.
The Argentina star was integral in City's Premier League title win last season, scoring 30 goals in 39 appearances in all competitions.
He also became the Blues' record goal-scorer when he netted his 178th City goal away to Napoli, replacing Eric Brook as the Club's greatest forward.
There will be 30 players on the long list and City fans will be keeping fingers crossed that one or two more of our players will make the nominations list.
Muy feliz 😁🤟🏽 https://t.co/mXTYUhxA9I— Sergio Kun Aguero (@aguerosergiokun) October 8, 2018
The award, launched in 1956, recognises the outstanding contribution during a season from one player, with the shortlist voted for by journalists across Europe.
No City player has won the coveted prize and Lionel Messi and Cristiano Ronaldo have dominated the award over the past decade, winning it five times each.
The winner will be announced in Paris on 3 December with a women's winner awarded for the first time.
More nominees will be revealed throughout the day.