The ex-England international is claimed to have approached a number of investors in recent weeks in an effort to raise funds.
Adams and Smith are reported to have formed a new company called Halo which they intend to use as a vehicle for purchasing Villa, as well as a minority stakes in other major clubs.
Both Sporting Lisbon and Inter Milan have been named as potential investment options, while teams in Brazil and Belgium are also said to be on their radar, with the group keen on establishing an international network that would create "a long supply chain of playing talent".
It remains unclear whether Adams have Smith have secured the £150 million needed for Villa’s accusations, however, having reportedly approached a number of investment firms in recent weeks in a bid to raise roughly half of the asking price.
Villa, meanwhile, have been linked to a host of prospective buyers since want-away owner Randy Lerner put the team up for sale in May 2014, but the American businessman’s move to lower to his demands from £200 million over the following months suggests he has struggled to find concrete interest.
Nevertheless, the Mirror reported just last month that a wealthy Chinese consortium was looking to complete a takeover of the Premier League side soon after the FA Cup final and had even been given a tour of the training ground and stadium ahead of agreeing to a potential deal.
Little has been heard of the group’s interest since, though, while Villa chief executive Tom Fox even claimed in a recent interview with the Guardian that he expected Lerner to continue as owner “for a long, long time”.
“Look, there may be people out there who in their own mind think they want to buy Aston Villa,” said Fox. “It’s nothing that we know about it. People are trying to fill the void of information with something.
“And I’m not suggesting you are irresponsible for asking these questions, but a lot of what is being said out there is just borderline irresponsible.
“I look at some of the things that are being written about the ownership and I just laugh. ‘Rich person interested in buying Villa.’ Of course there is. Why is that news?
“Tell me who it is, tell me what his offer is, tell me he’s engaged actively with the bank to do that, and that there’s actually engagement on the other side, and then you might have a story. I’ve haven’t seen any of those things happening.”