Randy Lerner is expected to step up his bid to buy Aston Villa in the next 48 hours.

American billionaire Lerner, the favourite of the four consortiums bidding to take control at Villa, is set to make a formal offer to chairman Doug Ellis. Lerner is already working in close contact with Martin O'Neill who was installed as Villa's new manager on Friday.

When he came to England a fortnight ago to hold talks with Ellis, Lerner also spent two successive evenings with the former Celtic boss who was his number one choice to succeed David O'Leary.

That is why O'Neill was believed to be stunned when it appeared the deal had fallen through 10 days ago and Lerner flew back to the United States after the apparent collapse of negotiations with Ellis.

But talks are again ongoing and, if all goes to schedule, Lerner is expected to be formally installed as the new owner of Villa by early September now Ellis has intimated he is ready to sell.

The owner of NFL side Cleveland Browns has the kind of ample funds O'Neill will require to transform Villa into a major force again after years in the doldrums.

O'Neill will spend the next week assessing the current players at his disposal during Villa's two matches in Holland on their pre-season tour.

He watched his new charges in action for the first time on Saturday when they fought out a goalless draw with Hanover 96 in Germany.

O'Neill was accompanied by his tried and trusted lieutenants, new assistant manager John Robertson and coach Steve Walford who were also with him at Leicester and Celtic.

O'Neill said: "I will have a better idea about the squad by the time we have finished the tour.