Aguero, who scored 21 Premier League goals in 33 appearances for Manchester City this season, has been in international exile since after last year's World Cup in Russia, when Argentina crashed out in the last 16.
The Argentine Football Association (AFA) will announce on Wednesday a squad of up to 40 players, before submitting their final 23-man selection for the tournament two weeks later.
According to sources, Albiceleste boss Lionel Scaloni called Aguero on Tuesday to tell him that he will be part of the initial group.
Aguero spearheaded Man City's Premier League charge and was on the scoresheet on Sunday when they wrapped up a second straight title with a 4-1 victory over Brighton and Hove Albion.
Alongside Aguero, Barcelona great Lionel Messi and Paris Saint-Germain's Angel Di Maria are expected to be part of the squad.
The Copa America, which will be held in Brazil between June 14 and July 7, will feature the 10 South American teams, as well as Qatar and Japan as guests.
Argentina, who have been coached by Scaloni since the departure of Jorge Sampaoli last year, will play in Group B alongside Colombia, Paraguay and Qatar.
Source: Sony ESPN