Villa's American owner Randy Lerner, who put the club on the market in 2014, struck a deal with Xia following their relegation from the Premier League, the BBC said.
“Randy Lerner's tenure at the club is over,” BBC reporter Pat Murphy said. “The new chairman, Dr Tony Xia, is a prominent businessman and a seriously impressive business leader in China.”
Villa chairman Steve Hollis has been in the Far East negotiating the deal.
Lerner bought the midlands club for 62.2 million pounds in 2006.
Original source: Chinese businessman to buy Aston Villa