He has scored nine goals in 41 international matches and was a key player in the Netherlands team that made it to the semi-finals of Euro 2024.
Malen's arrival could boost Villa's push to reach the Champions League for the second consecutive season.
Unai Emery's men sit eighth in the Premier League but are just four points adrift of the top four.
Villa are also well set to reach the knockout stages of this season's Champions League.
They sit fifth in the Champions League table with two games of the league phase remaining.
Malen's signing may convince Villa to cash in on the in-form Jhon Duran before the end of this month's transfer window.
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The Colombian has scored 12 times this season despite a lack of first team opportunities as he has largely played second fiddle to England striker Ollie Watkins.
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Injury-hit West Ham and Chelsea are among the clubs reportedly interested in Duran.
(This story has not been edited by staff and is auto-generated from a syndicated feed.)