According to the News of the World, the claret and blue chief has grown tired of the England international targetman's inability to find goals and will offload him as part of his transfer merry-go-round in the forthcoming weeks.
Republic of Ireland midfielder McGeady will be the first to arrive in the west Midlands, while O'Neill is also confident deals can be reached for both Robbie Keane and Stephen Ireland.
The Ulsterman has already asked Manchester City to include Ireland as part of any deal taking James Milner to Eastlands, while the former Leicester City manager will use the funds from Milner's believed £25 million sale to fund striker Keane's arrival from Tottenham Hotspur.
O'Neill is desperate to hold onto England sensation Milner, but is willing to baulk under the pressure of a mega-money move from City - something that would fund the summer restructuring of his squad.
If Ireland and McGeady do join Villa's ranks, Steve Sidwell's antcipated departure for Fulham in a £3m deal is expected to be given the green-light.
The former Reading and Chelsea midfielder has struggled for a first team place under O'Neill and now looks set for a return to the capital.