The Jamaica international, 28, joined Villa from Bayer Leverkusen in the summer of 2021 and was loaned to Roma in August 2025, only for the Serie A club to terminate the deal early in January after he managed just two assists in 11 appearances.
Bailey returned to Villa Park and featured more regularly for the second half of the season, contributing one goal and one assist in 19 appearances as Villa secured a fourth-place finish and Champions League qualification.
Hull, who are set to play in the Premier League next season, have held discussions with both Villa and Bailey's representatives, with the promoted club said to be pushing for a permanent transfer rather than a loan. Turkish side Trabzonspor and La Liga club Celta Vigo have also been credited with interest in the winger, though he is reported to prefer staying in England if a suitable move can be arranged.
Bailey is under contract at Villa Park until the summer of 2027, with the club holding an option for a further year.
Villa have not made any secret of their willingness to move him on this summer as they look to reshape their attacking options while preparing for a first Champions League campaign since their return to the competition, giving Unai Emery an incentive to free up space and resources for further additions to his squad before the new season begins.
Bailey has made more than 140 appearances for Villa since his arrival, scoring 22 goals and providing 24 assists, and was a key part of the side that reached the Champions League quarter-finals two seasons ago.
His most productive campaign came in 2023-24, when he was directly involved in 19 goals in the Premier League alone, though he has struggled to consistently reproduce that form since, contributing to Villa's willingness to consider offers for him this summer.