Argentina international Aguero will cause a scramble for his signature this summer, after announcing he is leaving the Etihad Stadium on a free transfer, when his contract expires in June.
According to reports from Mundo Deportivo, the Italians are potentially willing to give up on their purchase option on Morata in favour of a move for Aguero.
Morata returned for a second spell at the club on loan from Atletico at the start of the 2020/21 season for an initial €10m loan fee.
Juventus can make the move permanent for €45m this summer, or extend their loan agreement for another further 12 months, with the clause reducing to €35m in 2022.
The Spanish international has struggled to rediscover his goal scoring form touch in Italy, with just seven league goals in 2020/21, but Aguero’s injury problems will give Pirlo a tough choice to make in the coming months.