The 32-year-old striker, who is currently sidelined with a hamstring injury, is out of contract at the end of the season.
Despite scoring 180 Premier League goals for City, he is yet to sign a new deal.
Mubarak struck a similar note regarding Agüero. “We will work it out together and it will be very natural, wherever that is, this year or the year after. It will play out in a comfortable way whatever Sergio decides. We have been very lucky, and it’s a testament to the type of players we have had over the years, to have players like David Silva, Vincent Kompany, Pablo Zabaleta, like Sergio Agüero, that have stuck with the team many years