The former England Under-21 captain is one of the players Villa are prepared to invite offers for this summer.
But Reo-Coker, who has one year remaining of his current contract, is more than willing to stay with the midlands club and battle for a first team spot.
He had an early-season training-ground bust-up with Villa manager Martin O'Neill and was laid low by an ankle problem.
But the form of James Milner and Stiliyan Petrov also made it difficult for Reo-Coker to force his way into the starting line-up even when fit.
A source close to Reo-Coker, who turned down the chance last season to move to Blackburn on loan, said: "Nigel loves playing at the club and enjoys being at Aston Villa. At the moment he is planning to return for pre-season, but anything can happen in football.
"It has become obvious that he is available for transfer but it is too early for that and any move would have to suit Nigel and be right for the player.
"He likes the club and wants to stay. He had the chance to go to Blackburn on loan but it wasn't right for him so he didn't go.
"He has a good relationship with the fans at Aston Villa and is prepared to challenge for his place."
Reo-Coker made the £8million move from West Ham to Villa during the summer of 2007.
Villa would also listen to offers for Luke Young, Curtis Davies, Steve Sidwell, Nicky Shorey and Habib Beye while Marlon Harewood and Wilfred Bouma are not to be offered new deals.
O'Neill will have some money made available by owner Randy Lerner but the Villa owner also admitted to being in favour of a sell to buy policy.