Eddie Nketiah is out of contract in the summer after turning down a deal to remain at the Emirates Stadium.
The striker has only made three league appearances this season and is hoping for regular action elsewhere.
Following the arrival of Philippe Coutinho, Lucas Digne and Robin Olsen, Villa are prioritising a new centre-back and defensive midfielder, while ‘conversations’ have taken place about bringing in a new striker.
It looks increasingly likely that Arsenal will part ways with Nketiah before the transfer window closes and may be forced to sell him for a cut-price fee.
Mikel Arteta could choose to wait until he has brought in his own striker - with Dusan Vlahovic the most likely - before he allows Nketiah to leave the club.
With Pierre-Emerick Aubameyang currently absent from the Gunners squad, Arteta’s attacking options are limited to the England youth star, as well as Alexandre Lacazette.
Reports in Italy claimed that Arsenal have had a £66.6 million bid accepted for Fiorentina’s Vlahovic.
The Serbian has scored 17 goals in 21 league appearances for the Serie A club.
Meanwhile, Saudi Arabian club Al Nassr have made an offer to sign Aubameyang on loan until the end of the season, according to Sky Sports News.
Reports have suggested Al Nassr would have an obligation to buy, if Arsenal agree to the deal.