The Welsh defender most recently played at Premier League side West Ham, but was released by the 'Irons' as they looked to freshen up their squad.
At the age of 35, he would add a huge amount of experience to a team that lost the services of John Terry this summer.
Collins previously played for the 'Villains' between 2009 and 2012, making 108 appearances in all competitions.
His move to Villa Park would see him play in the second flight of the English game for the first time in 14 seasons, when he was at Cardiff City.
The 'Daily Mail' report that he will have to get over a slight muscle injury to earn a short-term deal with Steve Bruce's men.