The Argentine international struggled to breathe and had chest pains before being substituted before half-time in Barcelona's home league game against Alaves in October.
Aguero was immediately rushed into hospital to undertake heart tests and was ruled out of action for the next three months while further examinations were carried out.
However, Catalunya Radio's 'El Mati' have reported the nature of his heart condition has become more complicated than initially anticipated.
The latest report suggested that 'the medical resonances and stress tests that he has undergone in recent days are detailing that the heart problem is more serious than it was initially valued' at first.
And it could result in him having to end his 18-year playing career, with Barcelona making no further comment about the striker's current condition.
The 33-year-old striker had only joined Barca in the summer after leaving as Manchester City's all-time leading goal scorer where he won multiple trophies at the Etihad.
City have given their full support to their former striker - with manager Pep Guardiola speaking about Aguero prioritising his health over his playing career.
"Of course, it is difficult news for everyone. But especially for him and his family," said Guardiola.
"We wish him well, he knows it, from all the people at Manchester City.
"We wish him a speedy recovery, but it does not matter about the time. Health and life is much more important than anything else and he knows it.
"I'm pretty sure he is in very good hands, really good doctors will take care of him and he will take care of himself.
"And come back if he can - otherwise enjoy his life and enjoy what he has done. It depends, I am not a doctor.
"I don't know precisely what he has, but be careful and be safe for the rest of his life."