Garnacho joins from Chelsea, following Morgan Rogers' permanent move in the opposite direction, with the Argentinian hoping to kickstart his career under Unai Emery.
However, his arrival for the 2026/27 campaign removes the urgency for more attacking players in Villa's ranks, and Grealish now looks set to remain at Manchester City or head back to Everton.
Grealish joined City in a former Premier League £100M transfer record deal back in 2021, but he fell out of favour under Pep Guardiola last season, and spent the 2025/26 campaign on loan a Everton.
New City boss Enzo Maresca has confirmed talks will take place to assess Grealish's plans for the next months and David Moyes is waiting in the wings with an offer as per the Liverpool Echo.
Moyes is open minded over whether a deal can be put together in the coming weeks as the club may prefer to wait and offer a free transfer on the 30-year-old in 2027.