Villa are at the centre of one of the transfer window's biggest stories, with captain Jack Grealish reportedly the subject of a £100 million bid from Premier League champions Manchester City.
However, while it remains to be seen where Grealish – who is rumoured to have been offered a new contract by Villa – will play in 2021-22, Dean Smith is set to bolster his attack with the addition of Bailey.
A Jamaica international, Bailey scored 15 goals and provided 10 assists for Bundesliga side Leverkusen across 40 appearances in all competitions last term.
Versatile and with a wicked turn of pace, the 23-year-old, who joined Leverkusen from Belgian side Genk in 2017, will sign for Villa subject to completing a medical and finalising personal terms, according to a statement on the club's official website.
No fee has been confirmed, though reports suggested Leverkusen were looking to recoup at least £30m for Bailey.