Dean Smith’s side have already seen an initial £25million offer rejected but will consider another approach for the 20-year-old star.
Arsenal are adamant Smith Rowe, who has been in discussions over a new contract at the Emirates, is not for sale at any price.
Yet Villa’s move is a sign of their increased ambition, along with Smith’s desire to further strengthen his team’s attack.
Playmaker Emi Buendia has already been signed from Norwich in a club-record £38m deal and Burnley winger Dwight McNeil is another player being monitored.
Easing the creative burden on Jack Grealish is the primary focus of Villa’s work during the summer window.
Grealish’s future has also been the subject of speculation with Manchester City thought to be keen on the England international.
But Villa are yet to receive any approach for their influential skipper, who they value at £100million.