Newcastle man Owen, 29, currently earns £120,000 per week and has been linked with an immediate move back to the Premier League as Everton and Tottenham have also registered their interest.
But Villa currently sit in pole-position to sign Owen, who would fit in with Martin O'Neill's majority English squad.
The England striker is desperate to reignite his international career ahead of next year's World Cup in South Africa and continuous appearances in the top flight, as well as a few European outings, would do him no harm.
O'Neill is acutely aware of Owen's desires and most likely believes that the move would be of benefit for both the Claret and Blue and the frontman.
But it seems that Randy Lerner will not sanction funds to pay Owen's current huge weekly rate and it is now up to the star to decide whether he wants high-level football or a big money contract.