Ex-Villa manager Brian Little will also join the club's board as the Barclays Premier League strugglers continue restructuring, Press Association Sport understands.
Chairman Steve Hollis, who was appointed in January, has been reviewing the club's situation with Villa bottom of the table and nine points from safety.
Hollis replaced owner Randy Lerner with the American based in New York and wanting to sell the club
Bernstein was chairman of the FA between 2011 and 2013 and was in charge when Fabio Capello quit as England boss following the FA's decision to strip John Terry of the captaincy in 2012
Bernstein was previously on the board of the club he supported as a boy, Manchester City, serving as chairman from 1998 to 2003
Little won the League Cup in 1996 - Villa's last piece of major silverware - and was appointed Jersey manager until the end of the season earlier this year.
He won 68 of his 164 games in charge between 1994 and 1998, and also managed West Brom, Stoke and Leicester.
The pair will follow former governor of the Bank of England Mervyn King onto the Villa board after he was appointed last month.
Villa, who announced losses of £27million to the year ending May 31, 2015 this week, host Tottenham on Sunday having lost four straight games - including a 6-0 defeat to Liverpool - conceding 15 goals in that spell
Boss Remi Garde has insisted he will review his position at the end of the season having won just three of his 21 games in charge since replacing Tim Sherwood in November
Source : PA
Source: PA