Villa have already let former and England and Chelsea captain John Terry and striker Gabby Agbonlahor go this summer and have said they will not be able to sign any of the five loan players they had last season on permanent deals.
The cash-strapped midlands club are determined they will not be held to ransom, Press Association Sport understands.
Sky Sports are also reporting that owner Tony Xia is willing to sell his stake club, or preferably find new investors to work alongside him.
Villa, who missed a tax payment to HMRC on Friday, have invested heavily in players over the past two years and will receive a reduced Premier League parachute payment of about £15m next term, leading to likely cost-cutting.
Owner Xia has confirmed the club faces "severe FFP (Financial Fair Play) challenges" and that Villa needs to be a sustainable club.
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The 22-year-old has also been linked with Leicester City, West Ham United and Everton.
Further, struggles to pay a £4.2m tax bill owed to HM Revenue & Customs have left fans feeling a bit blue about things.
Grealish, one of Villa's main assets and a fan favourite, is believed to have been earmarked for a sale to help the club raise money.
Newcastle are now heading the list of clubs interested in the England under 21 worldwide as they are after a creative attacking player to provide a spark to their forward play.
A statement read: "When Keith Wyness spoke at our AGM just a few months ago he spoke of a plan being in place in the event that we were not promoted back to the Premier League".