The 54-year-old has emerged as a primary target to fill the post previously rejected by Barcelona transfer chief Mateu Alemany.
But his departure from Sevilla is not clear-cut. Reports in Spain claim the Europa League winners are eager for him to stay and talks over his future were due to continue over the weekend.
Monchi is thought to have a £1.7million release clause which Sevilla will insist is paid if he is to leave for Villa.
His arrival would further strengthen the power base of Villa head coach Unai Emery, who worked with Monchi during his time in charge of Sevilla between 2013 and 2016.