We present the first detection of 12 CO J=2->1 and 12 CO J=1->0 emission from the LBV AG Carinae. AG Carinae resides in a region which is very rich in molecular gas with complex motions. We find evidence of a slow outflow of molecular gas, expanding at ~ 7 km/s. This emission appears spatially unresolved. We argue that it is spatially localised, rather than extended, and possibly associated with the immediate circumstellar region of AG Carinae. Does it originate from a circumstellar envelope, similar to carbon stars, or from a circumstellar disk? The option of the circumstellar disk is preferable because it is consistent with additional independent indications for the existence of wind asymmetries in close proximity to the central star, found from spectropolarimetry and analysis of the UV and optical line profiles, and it provides the conditions of density and shielding necessary for the survival of the CO molecules in proximity to such a hot star (Teff ~ 14000 K - 20000 K). In the assumption that the CO emission originated when AG Carinae was in an evolved state, we derive a lower limit to the mass of molecular gas of 2.8 solar masses. This is smaller, but still comparable with the mass of ionized gas present in the circumstellar environment (4.2 solar masses), with the implication that the molecular gas fraction can contribute significantly to the overall mass lost from the central star in its post main sequence evolution.