For a number of weeks, the Premier League outfit have been in negotiations with their Serie A counterparts regarding a proposal involving Douglas Luiz.
Villa have needed to make sales in order to comply with the Premier League's Profit and Sustainability regulations, and cashing in on Luiz is the main route that they have opted to take.
The Brazil international's exit, for £42.4m, was confirmed on Sunday, the final day for the transaction to be included in the latest accounts before they were filed.
However, like was the case in other such deals last month, what is effectively a part-exchange agreement was processed as a separate transfer.
In order to avoid risking any financial breaches, the double addition of Barrenechea and Iling-Junior remained on ice until the start of July in order for it to count on the next accounts.
Villa confirm Barrenecha, Iling-Junior signings
On Monday morning, Villa confirmed that they acquired the services of the two Juventus players, who will each be looking to kick-start their careers.
Barrenechea had been with Juventus since 2020, yet had only managed to earn 166 minutes of senior football across five appearances.
More notably, 39 outings came on loan at Frosinone during 2023-24, with 32 starts and four substitute outings being made by the 23-year-old in Serie A.
Meanwhile, Iling-Junior made six starts and 21 substitute outings for Juventus in all competitions last season, chipping in with one goal and two assists in 801 minutes of top-flight football.
The former Chelsea youngster can play at wing-back or further down the left flank, giving Unai Emery further options on that side of the pitch.
Summing up Villa's recent transfer business
Villa have needed to go to extreme lengths to ensure that they do not fall foul of the financial regulations that are currently in place with the Premier League.
At least £65m has been spent to secure the additions of Barrenechea, Iling-Junior, Lewis Dobbin and Ian Maatsen.
Morgan Sanson, Tim Iroegbunam, Omari Kellyman and Luiz are the players that have gone out the exit door, the £19m deal that has seen Kellyman join Chelsea being viewed as key due to his homegrown status, subsequently bringing in pure profit.
With Champions League revenue due throughout this season, Villa may now feel that they have some extra wiggle-room over the final two months of the summer transfer window.