Young, who has been frequently linked with a move to Manchester United and Chelsea this summer, plays in the same position as the probable new arrival and many believe the Downing will be his replacement.
New Chelsea boss Carlo Ancelotti is thought to be a big admirer of wing wizard Young and a bid of £25m is being mooted.
Many Villans are unsure as to whether O'Neill is simply looking for more wide options or if he is actually prepared to let last season's PFA Young Player of the Year leave the club.
The move for Downing certainly seems a strange one as the talented left sided player is sidelined until at least October with a foot injury sustained against Villa near the end of the last campaign.
And with the Claret and Blue in desperate need of reinforcements in the centre of defence and midfield, the signing of a winger is slightly bemusing.
But, as with many of the other Claret and Blue squad, Downing is young and English meaning he was always on O'Neill's radar since the moment Boro were relegated at West Ham on the final day of last season.
After the sale of Gareth Barry to Manchester City, the Villa boss had £12m burning a hole in his pocket but he now seems to have allocated those funds.
Fans will now be awaiting further transfer action in the coming weeks, whislt hoping that Young will not figure in any move.