City moved above Southampton into second place by beating Ronald Koeman's side 3-0 at St Mary's Stadium on Sunday.
Chelsea's draw at Sunderland on Saturday ensured Jose Mourinho's side have a six-point lead over the champions with only 13 games played.
Manuel Pellegrini's side won their last five top-flight games in the 2013-14 campaign to claim their second title in three years, as Liverpool failed to go the distance.
And in-form Argentina striker Aguero is backing the champions to taste glory again in May.
He said: "Looking at it we are two games behind them, aren't we. Six points if you like. There's a lot of the season still to go and I think what's in our favour is that City know how to catch teams up.
"We've done it on various occasions in the past where we've clawed back leads. So I think it's well within our grasp in what's left of the season."
Aguero's hat-trick against Bayern Munich last week secured a crucial 3-2 victory over the European champions and kept City's hopes of reaching the last 16 alive.
City travel to Roma next week needing to win while hoping CSKA Moscow fail to beat Bayern in order to progress, or secure a score draw and hope the Russian side lose.
And former Atletico Madrid man Aguero says Pellegrini's side are backing themselves to finish off the job in the Italian capital.
He added: "I think we are confident as a group. Our spirits are high. I think we've come through that difficult period where we had a tough week or so when we played Moscow twice, difficult encounters there.
"But we know there's still a lot to play for, there's still a lot of time to play for things, and we go in a positive mood to Rome definitely."
