Rangers are keen to re-sign the 29-year-old but Cuellar is currently recovering from a knee problem, and the club are reluctant to bring him back to Ibrox just yet.
At the weekend Gers manager Ally McCoist admitted he is having second thoughts of signing the Spaniard, but McLeish remains hopeful the transfer will finally go through.
"Carlos is a very good experienced player," the Villa boss told the Express & Star.
"I think Rangers have gone cold on the idea so, as far as we are concerned, he is a Villa player.
"He is a solid defender and did a tremendous job for Rangers when he was up there in his first spell. He is a terrific defender and is very experienced cover.
"He is not far away from running, so he is maybe a week or two away from joining the group. Will he still be here in a fortnight? I can't predict that.
"We just have to get on with things and keep plugging away to get results."
Source: Team Talk
Source: Team Talk