The mystery-mans agent, Mel Goldberg, told the Mercury that his client had begun talks with Ellis about buying a 29.9 per cent stake in the club.
Goldberg refused to reveal the identity of the South American businessman but told the newspaper that he is a former FIFA referee who has made his fortune from property development.
“The situation is that my client and his consortium had a bid to buy just under 30 per cent of Chelsea blown out of the water by the Russian deal.
“Roman Abramovich offered much more money than us and to pay off the club debt, which we were not interested in doing.
“My client is a very substantial person and is still interested in investing in an English football club. For security reasons, he wants to keep a low profile, but he is a football fan with a good knowledge of the English Premiership," Goldberg told The Mercury.
“There are a few options being considered but Villa fit the bill in terms of the sort of club he is looking to buy.
“It’s a club with solid foundations and run on a sound financial basis. He likes the fact it owns its ground and has a long history.
“He sees it as a club which has under-achieved in last few years and could do better.
“Mr Ellis is on holiday but I had an amicable chat with him over the phone last Wednesday about the possibility of my client buying into the club," he added.
“Things are at an early stage but I plan to meet Mr Ellis when he returns from his break in the next few days. There is no hurry from my client’s point of view but if possible he would like to have a deal sewn up by the start of the new season.”