Dunne has been linked with the club over a number of weeks, whilst Collins was close to completing a deal to join Stoke but rejected the offer as the Claret and Blue came calling.
Martin O'Neill has been very aware that he needs to strengthen in the central defensive department with Curtis Davies and Carlos Cuellar the only senior players in the position at the club.
Dunne, a four time player of the year at Eastlands, will bring a Martin Laursen like leadership to the back four and he could even be given the captains armband at his new club.
The deal to bring the Republic of Ireland international to the club is thought to be in the region of £5m.
That also appears to be the value which West Ham have placed on Collins' head as the Welshman is set to be sacrificed in order for Gianfranco Zola to bring in striking reinforcements.
Villa have long been linked with Collins' central defensive partner at Upton Park, Matthew Upson, but that move is now a no go.
With just hours left before the transfer window closes it remains to be seen whether O'Neill dips into the market again, with a striker also possibly on his hit list.