With 12 matches left to play, the champions are 12 points behind rivals and leaders Manchester United.
However, having overhauled an eight-point deficit last season, Argentine striker Aguero has revealed that there is a belief among the City squad that they can still lift the trophy.
"We have to keep fighting until the end, that's my motto and that's the way we won the Premier League last season," he said. "In football, everything is possible. We are still in a contest with Manchester United.
"We won the title off them last season and now we're in the fight again. We can regain the leadership of the Premier League from them. City have everything to grow and the best is yet to come.
"I say this because I feel the ambition of my teammates in the dressing room, in training and in matches."
City are in FA Cup action this afternoon against Leeds United at the Etihad Stadium.