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I think there is at least a 50% possibility that this player has AA.

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Isn't that quite exaggerated? There are only two aces left. It's very unlikely she has AA; AK and AQ is much more likely, and considering she's LAGgy, an even weaker A is also possible, perhaps even as low as A8. 88 is also a possibility, and perhaps a high pocket pair she can't let go.

But no, we do not need to be concerned here generally, it's all about equity and we have nice pot equity here. I'd say call the flop and raise the turn extracting $$$ from mr BB king.