The Northern Irishman is rumoured to have limited funds available when the transfer window reopens and is likely to look for bargain buys.
Consequently, Villa are focusing on Arsenal centre back Philippe Senderos and Fulham stopper Mark Schwarzer in a bid to plug their leaky defence for next season.
Swiss defender Senderos, 24, has spent the whole of this campaign on loan at Italian giants AC Milan while Aussie keeper Schwarzer has been one of the most impressive players in the Premier League this season.
Fulham's 36 year old custodian is rumoured to be valued at around £500,000 while Senderos could be snapped up for as little as £2.5m.
It has to be said that both players are unlikely targets but then who can second guess the managerial genius that is O'Neill.