The 19-year-old is believed to have been pictured on the Spanish island of Tenerife, with cigarette packets seemingly visible in shot as he lay outside an apartment block, with the account that posted the snaps claiming the winger was "paralytic".
Villa released a statement on Monday, confirming their awareness of the issue and plan to speak with the Republic of Ireland youth international about the matter.
"The club is aware of the photographs of Jack Grealish currently circulating," the statement read.
"We will be meeting with the player but any action will remain an internal matter.
"There will be no further comment from the club."
Grealish enjoyed a breakthrough season for Villa last term, making 24 appearances in all competitions.