Roberto Di Matteo was announced as Aston Villa's new manager earlier this month.
Xia agreed to buy Villa off Randy Lerner some time ago, but he has been awaiting ratification from both the Premier League and the Football League.
Xia has now been deemed fit and proper to takeover at Villa, and he could be confirmed as owner on Monday.
Xia’s arrival at Villa is expected to spark the Midlands club into action as they prepare for life in the Championship.
The Villains have plenty of work to be done, as they aim for an immediate promotion back to the top flight.
Xia has already appointed Roberto Di Matteo as Villa’s next manager, and the Italian boss is reportedly making plans already.
Di Matteo is said to be deciding on which players he wants to keep at Villa Park, as he aims to make alterations to his squad.
Villa have prioritised getting rid of players before making signings, but as soon as Di Matteo has made some room for new arrivals they are expected to be active in the summer transfer window.
Di Matteo will reportedly have £30 million to spend as he looks to improve the quality in the Claret and Blues’ squad.