Solskjaer is currently in charge of Molde, a club where he spent two years prior to joining Manchester United in 1996 with whom he made 366 appearances, scoring 126 goals in 11 seasons.
A statement on Molde's website read: "Molde Football Club is aware of interest and contact from Aston Villa, and is aware that Aston Villa and Ole Gunnar Solskjaer are holding talks."
Solskjaer's odds on taking up the post vacated by Alex McLeish on Monday following the Scot's sacking were slashed yesterday down to 6-4 from 25-1, with the Norwegian odds-on favourite today.
Villa owner Randy Lerner's private jet yesterday flew into Solskjaer's home town of Kristiansund to collect the 39-year-old and fly him to Birmingham today to begin negotiations.
Solskjaer is seen as the young, progressive manager required by Lerner after first failing with Gerard Houllier and then McLeish in the wake of Martin O'Neill's departure in 2010.
After quitting playing in 2008, Solskjaer took charge of United's reserve team for two-and-a-half years before guiding Molde to their first Norwegian title in 100 years last October at the end of his debut campaign in charge.
Solskjaer, however, is just one year into a four-year contract, and can look forward to Champions League football next season.
Another consideration for the man who earned the nickname of 'the baby-faced assassin' during his United days is his family of wife Silje and three children and whether to uproot them given they have only just settled in Norway.