The ad is themed around the 'Pepsi Max Blue Card', which the soft drinks giant wants to associate with fun, unlike red and yellow cards.
It features two unsuspecting delivery drivers that get the "surprise of a lifetime" when they get to play a football game with members of the Pepsi Max team.
As well as Agüero and Kompany, the Pepsi Max lineup of superstars also includes Colombian James Rodríguez (Real Madrid), Belgian team captain Vincent Kompany (Manchester City), Chilean leading scorer Alexis Sánchez (Arsenal) and Spanish goalkeeper great David de Gea (Manchester United).
"The Pepsi Max Blue Card was created to stop boredom in its tracks and unleash unexpected moments of fun," said Carla Hassan, SVP, global brand management, PepsiCo Global Beverage Group.
"While the traditional red or yellow card might stop play, the Pepsi Max Blue Card signals that things are about to get exciting – which is a perfect kick start to the year for our iconic brand."
PepsiCo’s flagship brands Pepsi Max, Lay’s and Gatorade have joined forces with the UEFA Champions League, as an official sponsor.
As part of the deal, Pepsi Max is launching the 'Maximum Football' programme across Western Europe.
Pepsi Max fans will get access to an app giving them the chance to win football prizes, including match tickets to the quarter-finals and semi-finals. There is also a trip to the UEFA Champions League Final on 28 May in Milan up for grabs.
The app will also allow fans to scan football-themed PepsiMoji designs found on limited edition Pepsi Max bottles to find out if they could be a winner.