Randy Lerner has arrived to England to finalise th
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Lerner was at Aston Villa's Bodymoor Heath training ground on Tuesday and has held advanced talks with Fox over what will be a key role at the club.
Fox is highly regarded at Arsenal, with the American having helped to set up the £170million kit deal with Puma last year. He has been approached by Lerner following the surprise departure of Paul Faulkner in July.
The former president of NBA Asia, Fox was appointed by Arsenal in August 2009 and is poised to take a position that combines both football and commercial roles at Villa.
Lerner is keen to complete the appointment within the next few days as he wants a proper structure in place to carry out day-to-day operations while he is back in the United States.
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Villa remain up for sale with no sign of an imminent buyer but Lerner has taken a more hands-on role, making at least three visits to Birmingham since announcing his decision to step aside.
He has provided manager Paul Lambert with transfer funds, enabling him to complete the £4.5million signing of Carlos Sanchez last week. Lerner intends to fund two more recruits.
Lambert wants to sign a creative midfielder and a winger before the transfer window closes on September 1, praising Lerner for his backing.
He said: “We need to try and keep the club going strong regardless of what is going to happen in the next months. Since I have been here Randy has been great with me. Whether results go for or against, he was always up front and told me exactly what was going to happen.
“The backing to get people in has been excellent and we will try and bring a few more in. The club is in a healthy place and the main thing is for me to improve on last year. The last two years have not been good enough.”