The Villans have completed as many as five signings – Jota, Anwar El Ghazi, Harry McKirdy, Wesley Moraes and Kortney Hause – this summer, but Dean Smith is still looking to bring in further six new faces.
Villa are looking to bolster their defensive options and have earmarked the 23-year-old left-back as one of their defensive targets this summer.
The report claims that the newly promoted Premier League side are now ready to firm up their interest with a formal offer of around £8million.
Targett made 16 Premier League appearances for the Saints last season, but he is reportedly planning to tell Southampton he needs to quit for regular top-flight football.
Targett has three years left on his contract at St Mary’s and it remains to be seen whether the Saints allow him to move on this summer.