Media reports said the 29-year-old, who has scored six goals in six league appearances this season, was in Amsterdam for a concert and was the passenger in a taxi that crashed into a street pole.
"Sergio Aguero will be assessed by club doctors today after being involved in a road accident on Thursday," City said in a statement on their website.
"The City forward was in Holland on his day off and has sustained injuries. He will return to Manchester this morning and his status will be checked ahead of tomorrow's Premier League clash at Chelsea."
Amsterdam police withheld the names of those involved but provided details of what had happened.
"Last night there was an accident on the De Boelelaan (street) between a taxi and streetlight pole. The passengers in the car asked us explicitly to protect their personal information, and so we are," spokesman Frans Zuiderhoek said.
"There's a small bend in the street right there and presumably the chauffeur lost control of the wheel.
"Two people were taken to hospital for observation. We did not hear back further about their condition," he added.
Aguero had earlier posted a picture of himself on his Instagram account seated in the back of a car thanking Colombian singer Maluma, who was also in the photo, for the invitation.
The player's first club, Independiente, said on Twitter: "Strength and fast recovery. All Independiente is with you at this difficult time."
Premier League leaders City, who face champions Chelsea at Stamford Bridge on Saturday, had already been dealt an injury blow this week when scans showed defender Benjamin Mendy has ruptured the anterior cruciate ligament in his right knee.
The French international could face several months on the sidelines.
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