De Telegraaf says the Uruguay international has turned down a move to FC Cincinnati, despite the two clubs having settled on a fee.
Pereiro's decision opens the door to Villa, with the midfielder having confirmed talks with the Premier League club last week.
Top South American agent Paco Casal handles Pereiro's career and is in talks with Villa about personal terms. However, PSV are yet to field an approach from the English club about a price.
PSV are seeking around €10m to sell Pereiro.