Despite a number of clubs reportedly interested in the 20-year-old's services, The Sun are reporting the Magpies are leading the race.
The creative midfielder has found himself on the fringes of Antonio Conte's side so far this season, making just three brief appearances for the first team.
Despite being a flop during his time at Ewood Park, the 28-year-old has been in stunning form for current side Fiorentina - scoring 25 goals in 48 starts for the Serie A giants.
However, one player who could be on his way to Villa Park is Leicester City midfielder Matty James - available on-loan from the Premier League Champions.
The Telegraph report both the Villans and Wolverhampton Wanderers are keen to help kick-start the 26-year-old's career after he missed the whole of last season through injury.
Another player who could be leaving the King Power Stadium is Leonardo Ulloa – according to The Yorkshire Post.
Garry Monk is keen to add a new striker to his Leeds United squad next month with Foxes hitman Ulloa seen as an ideal signing while West Ham United’s Ashley Fletcher and Middlesbrough’s David Nugent have also been mooted.
Meanwhile Reading FC have set their sights on Watford's Jerome Sinclair in order to bolster their attack in January.
The Mirror claim that the Royals, Norwich City, Brentford and Cardiff have all enquired about taking the 20-year-old on loan for the rest of the season.
The player came through the Liverpool academy before completing a £4 million switch to Watford this summer where he has struggled for first-team action so far this campaign.