The England striker, who is currently in the International wilderness, would be available for around £5m when the transfer window re-opens in January.
Owen is thought to be on £130,000 per week meaning Randy Lerner would have to break the bank to bring in the front man.
But it is understood that Lerner would be willing to pay top dollar for a player of Owen's obvious pedigree.
However, the former Liverpool and Real Madrid man has often suffered problems with injury and would be a risky buy.
But, with the Claret and Blue struggling to break defences down at Villa Park recently, Owen could be the ideal acquisition.
He certainly knows where the goal is and has an amazing record with 40 goals in just 89 appearances for his country.
Villa fans may just be salivating at the thought of another top English player entering the starting line up.