Ogbene, 20, has one year left on his contract with the League of Ireland club and is attracting plenty of interest.
He has just completed a two-week trial with Premier League champions Chelsea.
However, the Irish Examiner claim Villa are set to launch a bid when the transfer window reopens in January.
Ogbene, whose family moved to Cork from Nigeria in 2005, scored eight goals in 38 appearances last term.
He has just returned from a successful spell with Chelsea, who are considering a swoop for his services.
According to Buzz.ie, the Blues were only allowed to take Ogbene on trial after agreeing to pay Limerick’s asking price if they decide to sign him.
Limerick’s set fee is reportedly worth six figures plus a sell-on clause and bonuses for international appearances.
Villa’s Championship rivals Ipswich Town are also interested while there is also interest from Italy.