The West Midlands outfit are currently battling the likes of Tottenham Hotspur and Manchester United in the race for a top-four spot in the Premier League table.
Although fifth place could also lead to Champions League qualification, that is currently dependent on how English teams fare during the knockout stages of this season's European competitions.
Nevertheless, such has been the progression of Villa under Unai Emery that they are regarded as favourites to win the Europa Conference League, albeit when they are goalless with Ajax on aggregate after the first leg of their last-16 tie.
With at least a place in the Europa League in their sights for 2024-25, Emery and the club's ambitious owners can begin to assess potential targets, providing that they continue to remain within the financial regulations.
According to Calciomercato, consideration is being given to making an approach for Hermoso during the next transfer window.
The 28-year-old is currently in his fifth campaign at Wanda Metropolitano, making a total of 164 appearances in all competitions and scoring 10 goals.
A total of 34 starts have been made by the five-cap Spain international during 2023-24, including seven in the Champions League ahead of Wednesday's fixture against Inter Milan in the second leg of their last-16 tie.
However, Hermoso's contract with Atletico is currently due to expire at the end of the season, freeing up the versatile defender to hold discussions with foreign clubs.
Whether that is yet to occur is unclear, yet it is claimed that Villa are currently regarded as the frontrunners to attract Hermoso to the Premier League.
The report claims that each of AC Milan and Juventus are also monitoring the situation as they bid to capitalise on the possibility of signing a proven world-class defender as a free agent.
Atletico have recently reopened negotiations with Hermoso's representatives, yet it is unclear whether the player is in any rush to pen fresh terms, especially when there is no guarantee that Atletico will participate in next season's Champions League.
Hermoso has spent the entirety of his career in his homeland, also representing Real Valladolid and Espanyol before making the switch to the capital.