The 30-year-old is out of contract in the summer, and Roma could decide to cash in on the player now, with a contract renewal looking unlikely.
Spinazzola has fallen a long way down the pecking order at the Stadio Olimpico under Jose Mourinho, having never truly recovered from an Achilles tendon rupture suffered at Euro 2020 which kept him sidelined for over nine months.
Young Nicola Zalewski has taken on the role as first-choice left wing-back at Roma, with Stephan El Shaarawy even being preferred in an unfamiliar role at times over Spinazzola.
That has unsurprisingly seen Spinazzola lose his place in the Italy side, with Federico Dimarco, Destiny Udogie and Cristiano Biraghi now all ahead of him in Luciano Spalletti's plans.
Therefore, that may see the left-sided defender seek a move in hopes of resurrecting his chances of featuring for the Azzurri at Euro 2024.
Spinazzola's agent Davide Lippe told Sport Italia: "There is no chance for renewal. Let's see how the January market develops otherwise [his contract] will expire."
In response, Italian outlet La Roma 24 claims that both Arsenal and Villa are exploring a potential deal for the player.
While Spinazzola has been renowned as a highly-offensive wing-back, he did feature in a left-back role during Italy's Euro 2020 campaign, before the serious injury which ended his tournament.
Arsenal are relatively light at left-back, with most of their options in that role all players playing out of position.
Oleksandr Zinchenko has great experience in that role, but is by trade a midfielder, while Jakub Kiwior and Takehiro Tomiyasu are both central defenders who can fill in on the left.
Jurrien Timber was signed with his versatility in mind, but an ACL injury suffered on the opening day ended his debut season before it even began.
Villa may also be on the hunt for a left-sided defender following Lucas Digne's hamstring injury which will keep him out for a few weeks.
With Alex Moreno waiting in reserve, Unai Emery may still want to add to his squad, which is still fighting on three fronts heading into the second half of the season.
With Spinazzola's former club and national team mate Nicolo Zaniolo currently at Villa Park, that could prove an important factor should both clubs come in and battle it out for the player.
Spinazzola may be given a rare chance from the start when Roma face rivals Lazio in the Coppa Italia on Wednesday, with opportunities in Serie A few and far between.