The Ibrox boss is nearing the switch to the Premier League with talks progressing.
Sky Sports report Gerrard will put pen to paper on a two-and-a-half-year deal after nearly three-and-a-half years at Rangers.
The Liverpool legend emerged early on as the No.1 candidate to replace the sacked Dean Smith with Villa struggling near the bottom of the Premier League table.
Christian Purslow, the club's chief executive, moved quickly to secure his man having worked with Gerrard at Liverpool where he was managing director.
An announcement could be made this week once a deal is agreed for Gerrard to bring his management team at Ibrox with him.
It would mean he would be in the dugout for Villa’s next game when they host Brighton & Hove Albion on Saturday, November 20.
Gerrard has, across his three years in Govan, helped push Rangers back to the top of Scottish football, the club ending Celtic’s dominance last season to land their first top-flight title since 2011.
The team are currently leading the Scottish Premiership without hitting the heights of last season.
A number of names have already been touted as to who will replace Gerrard at Rangers.
Former Ibrox defender Russell Martin was linked on Wednesday but he is not expected to be amongst the names considered for the role.
The current favourite with the bookmakers is another ex-Rangers star, Netherlands legend Giovanni van Bronckhorst.
Alex Neil is also available after leaving Preston North End.