The 18-year-old English midfielder has admirers in the shape of Barcelona and Borussia Dortmund and, without a new deal at Villa Park, he could agree a free transfer in January.
Any winter deal would have to be with an overseas club, with Villa only receiving a minimal compensation fee for any move.
Villa boss Steven Gerrard has said Chukwuemeka has been left out of his side's pre-season tour to Australia due to his situation.
And the club have named their price for a player with just 15 first team appearances.
talkSPORT also understands that Manchester City and Manchester United are among the English sides interested in the youngster, with Newcastle's name also mentioned.
Chukwuemeka's name would have undoubtedly been on the radar of top clubs after he starred in England's Under-19 European Championship win, scoring in the final while being named in UEFA's Team of the Tournament.
Since returning from the final in Slovakia, he has been left speculation has increased but he will now miss Villa's pre-season tour.
They are set to play Brisbane Roar and Rennes along with fellow Premier League sides Leeds and Manchester United.
Speaking on the player, Gerrard said: "Carney's yet to sign a contract offer that's been in place for some time now, so I've decided that the best thing for him would be to continue his training programme back at Bodymoor."
Gerrard has already acted quickly in the summer window, securing centre-back Diego Carlos from Sevilla for £27m, while tying down Philippe Coutinho and Robin Olsen to permanent deals.