The Chinese businessman looks set to buy the English club for a reported £60 million - according to BBC - in a deal which will see American billionaire Lerner leave, having bought Villa from Ellis in 2006.
The venture, which is subject to Football League ratification, would see Xia hold a 100% stake in a club which badly needed freshening up.
The Villans were relegated from the Premier League this past season, finishing bottom of the table after winning just 17 points from 38 outings - their lowest ever total.
There was vitriol from the terraces aimed at the players and beyond in recent months, with supporters frustrated over Lerner's lack of appearances at Villa Park.
Ellis, speaking to BBC radio, says that Lerner promised him he'd be a regular visitor to the West Midlands club, and Villa's honourary president has implored Xia not to make the same mistake if the deal goes ahead.
"Randy Lerner shook hands with me on the understand he wouldn't be able to come to many matches but that he would watch every single match on his private television show back in New York.
"The only thing I'd complain about is the lack of times he has come over to Aston Villa.
"Whether Dr Xia is going to do that I don't know, but I would certainly be encouraging him to."