Both clubs had agreed on a deal which would have seen the Ivory Coast international spend a year at Villa, with a permanent option available at the end of the season.
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However a last minute decision from Vitesse has denied the striker his move to the midlands, leaving him very unhappy.
Bony's agent has told Dutch paper De Telegraaf: "Wilfried is unhappy at Vitesse. He came to the training session this morning because he's a professional. Aston Villa tried to sign him on loan with an option to buy him.
"Vitesse would get almost €10 million. Yesterday Vitesse said it was a deal, but in the evening they said that the only option was to buy and not loan.
"We were ready for our trip to Birmingham. Wilfried must leave Vitesse. He's ready for a new challenge on a higher level. Or he risks losing his spot at the national team."