The Stamford Bridge side could be in the market for a new striker if Didier Drogba moves on during the summer.
And Spurs forward Dimitar Berbatov has been the subject of intense speculation over his future, which may leave Juande Ramos needing to bolster his attack.
The highly-rated Villa, who could command a price tag of up to £25million, is keen to showcase his skills in England.
Villa said: "I am happy at the interest within the Premier League and this is my dream if I leave Spain."
Valencia sporting director Miquel Angel Ruiz added: "If we receive a formal offer, we'll study it."