McGeady has been strongly linked with a move to Villa with the Republic of Ireland international tipped to leave Celtic this summer
Celtic chief Neil Lennon has admitted he thought McGeady was keen on a move away from Parkhead in search of a fresh challenge and Villa are thought to be leading the chase for the skilful star's signature.
O'Neill admits he will be looking to bring in new players if Villa end up selling Manchester City target James Milner and he has refused to rule out a move for McGeady.
"There's no point in me mentioning names but, without wanting to lose players of the calibre of Milner, we would want to try to recruit some players," said O'Neill.
"But, as the chairman said at the back end of last season, it's probably going to be a case of having to sell to buy and that's something I'm delving into at the moment."
"I think Aiden McGeady has the ability to play in the Premier League, without question.
"I had him as a kid at Celtic and played him without worrying too much about his youth."