The Premier League club have agreed terms to bring the 16-year-old star to England, but he will remain with Alianza Lima until he turns 18 in May 2021.
As reported by the BBC, City officials expect the right back to almost definitely start his career with the Blues on loan, and he wouldn't qualify for a work permit at this time.
Despite already looking at time away from the Etihad Stadium early in his City tenure, Aguilar is already determined to work hard and force his way into manager Pep Guardiola's future plans.
He said: "My goal is to become an outstanding player in the first team."
And his current club hailed the deal as "the most important transfer of Peruvian football to Europe in recent years".
He only made his first team debut back in November after he was picked by Peru for the South American Under-17 Championships earlier last year, when he was just 15 years old.