The Argentina international was shown a straight red card in stoppage time of City's 3-1 home Premier League defeat by Chelsea on Saturday for a two-footed lunge on centre back David Luiz.
Aguero's tackle sparked a melee at the Etihad Stadium, with players and coaching staff from both teams involved in ugly scenes during which City midfielder Fernandinho was also sent off.
Fernandinho will serve a three-game ban.
Aguero also served a three-match suspension for violent conduct in September for elbowing West Ham United defender Winston Reid.