Reports coming out of the Midlands suggest that Villa boss Martin O'Neill is launching an audacious £25m for midfielder Cole.
Chelsea remain tight-lipped about the prospect of losing their talisman.
But with the addition of Deco from Barcelona, Cole is viewed, by Villa, as a man possibly surplus to requirements at Stamford Bridge.
With Fabio Capello preparing his first England squad for the World Cup qualifiers, Joe is desperate to be a first team regular at SW6 but he, along with Shaun Wright-Phillips, are expected to be used sparingly - certainly for the first month of the Premier League season which starts on Sunday, at home against Portsmouth.
The loss of Joe comes hours after Hull City prepare to table a loan-bid for outcast striker Claudio Pizzaro.
Stoke City are also waiting to hear from Chelsea about taking on loan the man who has hit two goals in 31 matches for the Blues.