The 20-year-old enjoyed a productive 2020-21 campaign for the Gunners, making 33 appearances in all competitions, contributing four goals and seven assists in the process.
However, there has still not been an announcement on a possible extension, and according to The Telegraph, Villa are monitoring the youngster's situation in North London.
Smith Rowe's current deal with Arsenal still has more than two years left to run, meaning that Arteta's team are not under any immediate pressure to address his future.
The attacker finished the 2020-21 Premier League season with two goals and four assists in 20 appearances, with the Gunners claiming eighth spot in the table. body check tags ::