Alexis Sanchez has been heavily linked with a switch to Manchester City given his failure to agree a new long-term contract with the north London side despite protracted negotiations.
Reports in June suggested that Aguero and Sanchez could move in opposite directions, a deal which would suit both parties given Sanchez’s previous experience of working under Guardiola.
Former Arsenal defender Winterburn appeared to back the touted swap deal, despite suggesting that the Gunners could be engaging in mind games with Manchester City.
“Arsenal are in the market for another world-class centre-forward so that would make complete sense,” Winterburn told bwin .
“I don’t know with two high value players how easy it’ll be. I can’t remember when this sort of deal has actually happened in the past. Contract lengths are different and club’s valuations of players can change.
“I just wonder whether Arsenal have taken the view ‘if you keep pestering Sanchez, we’ll start talking about your players’.
“Would Sergio Aguero even want to come to Arsenal? Then you’re talking about involving agents with a swap deal and seeing how that all works.”
Sanchez finished as Arsenal’s top goal-scorer last season after a return of 24 goals in 37 games in the Premier League.
The Gunners won the FA Cup in May thanks to a 2-1 win against Premier League champions Chelsea at Wembley.