O'Neill is poised to hold his customary end of season talks with American multi-millionaire Lerner when he admits he will "asses everything".
Petrov was always confident speculation that O'Neill would leave Villa before the end of the season was unfounded.
But the Bulgaria international also hopes the Northern Irishman will stay at Villa Park for the long haul.
"Martin O'Neill has got his own views about things and those are between manager and chairman," said Petrov, who also played under O'Neill at Celtic.
"Like he said, he's going to take things from there (in the summer) but we all want him to stay because he's done a great job and he's a great man as well.
"Hopefully after the summer meeting he will still be here. I'm sure he's not short of propositions from other clubs.
"Our chairman has said before, over the course of a season and years, you are going to have a manager and chairman go against each other.
"But the best thing is how they are going to solve things and keep together. They are grown men and I'm sure they'll put things together."