According to Sami Mokbel of The Daily Mail, talks are ongoing between the Gunners and Villa's current club, Barcelona, but Villa's interest in moving could propel a transfer.
Unfortunately, the two clubs may not see eye-to-eye on the determining factor: price.
Charlie Wyett of The Sun writes that Arsenal is willing to pay £10 million for Villa, who's totaled 42 goals in three-plus years with Barca. However, the price tag of £15 million has been thrown around, and the Gunners simply aren't willing to pay that.
But they should.
Although he never truly lived up to the hype with Barca, Villa provides a veteran scoring threat who still has several good years left in the tank. Since arriving in Barcelona back in 2010, Villa has had an up-and-down career. He totaled 18 goals in 34 La Liga appearances in 2010-2011, but hasn't been able to rediscover his scoring touch.
The 5'9" striker managed just five goals in 15 league appearances last season, as he was limited by a broken tibia. This season, he's stuck on five La Liga goals and appears eager to get out of town.
A change of scenery could do wonders for a player like Villa, who would provide a big boost to a Gunners team that ranks fourth in the Premier League in goals scored.
Though past his prime, inserting a world-class striker like Villa into a lineup that already features a top playmaker in Theo Walcott could do wonders for Arsenal's attack. Besides Walcott, no Gunners player has topped the double-digit scoring mark. Olivier Giroud and Santi Cazorla each have eight goals, but adding Villa could open a new avenue for scoring.
Cazorla, in particular, could stand to benefit from the addition of Villa. Despite a great blend of confidence, versatility and talent, Cazorla has never really maximized his potential. Perhaps playing alongside one of the game's premier scorers would be a psychological and physical boost.
With seven ties and four one-goal losses, a goal here or there could have changed Arsenal's season.
There's still time to fix the problem, so the Gunners need to bite the bullet and do what it takes to bring in Villa.