Boss Steve Bruce and technical director Steve Round are understood to have made enquiries over several potential targets, including free agent defender Robert Huth, after being informed of their playing budget earlier this month.
But they are still awaiting the green light from Xia before moving on any deals and there are increasing fears they could miss out on players should the uncertainty continue much longer.
Xia is searching for a long-term solution to the cash crisis brought to a head by Villa’s failure to reach the Premier League and is thought to be considering several offers of investment.
Villa face the prospect of losing star man Jack Grealish in order to resolve the more long-term issue of complying with Financial Fair Play. Midfielder Birkir Bjarnason is the latest player to be linked with an exit. The Iceland international is reportedly a target for Turkish club Trabzonspor.