According to Bolton News, the Trotters are open to bids for Spearing as the club looks to free up additional funds for new signings, while adhering to the current rules surround Financial Fair Play.
A new striker is thought to be a key requirement for Dougie Freedman’s side and club captain Spearing could be the man sacrificed, after catching the eye of several Premier League suitors over the last 12 months.
Aston Villa manager Paul Lambert is keen to avoid a repeat of the same mistakes that have seen the Villans flirt with relegation over the past two seasons, with Roy Keane brought in as assistant manager over the summer.
The Midlands club have also had a busy few months in the transfer market with the likes of Joe Cole and Aly Cissokho already brought into the club.
But while Spearing may be valued at a bargain £2 million, the eventual price of the former Liverpool academy star could well rise amid interest from fellow Premier League club Queens Park Rangers.
The Rs have made a bad start to life back in the top-flight, with two defeats and zero goals scored in their opening Premier League fixtures.
And while the likes of Leroy Fer and Mauricio Isla have already arrived at Loftus Road, manager Harry Redknapp continues to be linked to several potential signings ahead of the close of the transfer window later this month.
Spearing could add some much-needed quality and experience to either team and would undoubtedly be eager to make a return to the top-flight, having previously played 30 times for Liverpool in the Premier League in his younger days.