The England under-21 international moved back to Italy just weeks after joining Villa from Juventus in a £12million deal but has found opportunities limited.
Iling-Junior has made only five appearances in Serie A with all of them coming off the bench, though he has started twice in the Champions League.
Reports in Italy have now claimed Bologna may now look to end the loan deal early in January, with Villa also pondering whether another move might be best for the player’s development.
Boss Unai Emery will also decide whether to send another young player, Kosta Nedeljkovic, out on loan for the second half of the season.
Emery would like to strengthen during the January window to help Villa’s challenge in the Premier League and Champions League but the club must again be mindful of profit and sustainability rules.
The club raised more than £100m last summer through the sales of Douglas Luiz, Moussa Diaby, Tim Iroegbunam and Omari Kellyman but also spent big, with the club record signing of midfielder Amadou Onana from Everton for £50m and the £37.5m capture of Ian Maatsen from Chelsea.