Villa are searching for a new manager after Remi Garde's departure back in March, but suffered a major blow on Monday as top target David Moyes snubbed the chance to take over at Villa Park, as reported by BBC Sport.
Now, the attention will turn to other managers, and owner-in-waiting Tony Xia appears to have a number of targets in mind, with talks ongoing.
The Daily Mail report that Villa will hold a fresh round of talks with Roberto Di Matteo in the next 24 hours, as the Italian becomes the hot favourite for the job.
Di Matteo has some impressive honours on his CV, as he not only won promotion from the Championship - something relegated Villa will want next season - in 2010 with West Bromwich Albion, but also famously guided Chelsea to the Champions League crown in 2012.
Out of work since leaving Schalke at the end of the 2014/15 season, Di Matteo is in line for a return to work at Villa, but Xia is also keen on former Everton boss Roberto Martinez.
Martinez, 42, lost his job as Everton manager earlier this month after a dire run of form, but many still rate the Spaniard highly from his spells at Swansea and Wigan, as well as his first season at Everton, where he took the Toffees to a fifth place finish.
Martinez is often praised for his brand of football, focusing on ball retention and playing the ball on the deck, but his issue has always been organising defences - something Villa had problems with this season.
Now though, it's believed that Martinez is now in the running for the Villa job with Moyes pulling out of the race, and depending how those talks with Di Matteo go in the next 24 hours, a concrete move for Martinez could materialise this week.
Would you rather have Di Matteo or Martinez at Villa?