Manchester City have looked at the likes of Erling Haaland to boost their striking options but see Ings as a more “attainable option".
Ings has until the summer of 2022 on his current contract at St Mary's.
Asked for the latest with the forward's situation, Hasenhuttl said: “It is not only because Aguero stops. I expect a very hot transfer summer, to be honest.
"There are some clubs around linked with players and when these moves happen, I know that names like Haaland and (Jadon) Sancho and whoever who are on the list of big clubs.
“Man City and Man United - they have the financial potential to take everybody.
“I mean, for Ingsy, he had a fantastic season last season and since then he had a few injury problems and didn't score that much, but he is still a very good striker. If he's good enough to be an option for them, I don't know.
“I expect him to stay with us because he knows what he has with us. He has one more year on his contract.
“This will be an interesting situation for him. If one of the big clubs wants him, it is always difficult for us to keep a player with us – this is normal.
“But I do not see this scenario in the summer to be honest."