In recent weeks, speculation has persisted that the Portugal international is a desired signing of head coach Unai Emery.
However, given the finances involved in his transfer to Atletico in 2019, there is considerable doubt over whether negotiating a deal is plausible.
While Villa have earned a place in next season's Champions League, they have already spent a portion of the current transfer window battling to adhere to the Premier League's Profit and Sustainability regulations.
Furthermore, they are allegedly on the brink of pushing through a £50m deal for Everton midfielder Amadou Onana.
Diaby sale to boost Felix hopes
Nevertheless, Villa will seemingly soon be in a position where they will have their coffers substantially boosted through the sale of Moussa Diaby.
Should the France international link up with Al-Ittihad in a transfer that could reach £60m, Villa will be in the market for a replacement.
According to talkSPORT, Villa officials are giving serious consideration to trying to acquire the services of Felix.
Despite costing £113m as recently as five years ago, Atletico will have to be realistic over their valuation if they want to sell the versatile playmaker.
There are still five years on Felix's contract at Civitas Metropolitano, a factor which will ensure that there is no chance of a cut-price fee being agreed.
That said, if Felix has no future at Atletico, the hierarchy at the Spanish outfit will be eager to find a positive resolution as soon as possible.
Barcelona return unlikely?
Barcelona remain in the hunt for a reunion with Felix, who contributed 10 goals and six assists from his 44 appearances in all competitions.
However, with the Catalan giants waiting to activate the release clause of Athletic Bilbao winger Nico Williams, any move - permanent or temporary - for Felix is realistically off the table.
That can only boost Villa's and Benfica's - another of Felix's former clubs - hopes of convincing him to continue his career at their respective clubs.