The Primera Liga side were initially only willing to sell the Serbia striker in a permanent deal, with both Villa and Blackburn showing an interest.
However, Valencia vice president Fernando Gomez has now revealed that the club would let the 27-year-old secure a loan move to the Premier League.
The news is likely to spark a battle between Villa manager Martin O'Neill and Blackburn boss Paul Ince as both men look to secure attacking reinforcements.
"I expect a decision in a few days," Gomez told Levante newspaper.
"We offer the chance to go on loan to any of the interested English clubs."
Stoke were also linked with Zigic throughout the summer and a potential loan move could re-ignite the Potters' interest.
However, Valencia vice president Fernando Gomez has now revealed that the club would let the 27-year-old secure a loan move to the Premier League.
The news is likely to spark a battle between Villa manager Martin O'Neill and Blackburn boss Paul Ince as both men look to secure attacking reinforcements.
"I expect a decision in a few days," Gomez told Levante newspaper.
"We offer the chance to go on loan to any of the interested English clubs."
Stoke were also linked with Zigic throughout the summer and a potential loan move could re-ignite the Potters' interest.
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