The Championship club narrowly missed out on a return to the English Premier League last month, and now need to cut their player budget.
The report claims that Villa are looking to sign McGinn at a bargain deal, although Neil Lennon has slapped a £5 million price tag on the midfielder.
Villa could face strong competition from both the Scottish clubs to sign McGinn.
Last month, the Daily Record reported that Rangers boss Steven Gerrard is weighing up an ambitious move to bring John McGinn to Ibrox in the summer transfer window.
McGinn has been scouted by Gers director of football Mark Allen and head of scouting Andy Scoulding, and the 23-year-old remains one of their key targets.
Scottish champions Celtic are equally keen on signing him, with many believing that the Bhoys could consider McGinn as a potential long term replacement of Scott Brown.