The Argentine striker was charged after throwing an elbow at West Ham's Winston Reid during Sunday's 3-1 victory at the Etihad Stadium.
Referee Andre Marriner was only a few yards away from the incident but did not spot Reid being hit in the jaw.
If found guilty he will miss three matches, including the derby against local rivals Manchester United on September 10.
Aguero will also be out for a Premier League clash against Bournemouth and an EFL Cup trip to Swansea City.
He would also have to sit out the league clash with Swansea on September 24 if the FA deem the appeal to be nothing more than a time-wasting exercise.
An FA statement read: 'Off-the-ball incidents which are not seen at the time by the match officials are referred to a panel of three former elite match officials.
'Each panel member will review the video footage independently of one another to determine whether they consider it a sending-off offence.
'For retrospective action to be taken, and an FA charge to follow, the decision of the panel must be unanimous.'