Brazilian media sources say Villa's owners Nassef Sawiris and Wes Edens are exploring the possibility of adding Vasco to their V Sports portfolio.
Vasco were once part of 777 Partners' portfolio, but now are owned by parent company SAF Club de Regatas Vasco da Gama.
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Sawiris and Edens have been busily expanding their football portfolio over the past year, with Villa their showpiece.
V Sports currently hold a 29 per cent stake in Portuguese side Vitoria Guimaraes and have partnership agreements with ZED FC in Egypt, Vissel Kobe in Japan and Real Union in Spain.
V Sports also own the biggest academy in Senegal.