His agent Tony Finnigan has insisted the new deal is some way off his client's value - and has warned the Midlands club that a host of Premier League clubs are keeping tabs on the former West Ham star.
Down and out: Reo-Coker is disappointed with Villa's contract offer
Finnigan said: 'We haven't spoken to Villa's chief executive Paul Faulkner about a new contract since November.
'The contract on offer is good money but it is based on Nigel being a squad player rather than a first- team regular.
'Nigel is prepared to talk to the club again. But he is a Bosman.
'If we cannot come to an agreement, then he has to think about his own future and I think he'll be the biggest English Bosman of the summer.
'Clubs need to have a core of English players in their squads now.'
?Mourinho joins United and Liverpool in battle for ?15m-rated Villa winger YoungEXCLUSIVE: Aston Villa beaten to ?8m Sahin signing by Real MadridAston Villa on alert after Nuri Sahin snubs new Borussia Dortmund dealAll the latest Aston Villa news, features and opinion
?
Source: Daily Mail
Source: Daily Mail