According to a report by German outlet Bild, Villa have joined the battle for his signature alongside Premier League rivals West Ham and Bundesliga side Eintracht Frankfurt.
Italian duo Lazio and Fiorentina have also been credited with an interest in the 19-year-old. The report added that Eintracht are believed to have an advantage due to their involvement in the Champions League next season.
Atangana has played over 50 times for Reims, scoring once in 34 appearances last term, as they suffered relegation from the French top-flight.
The France under-21 international could be available for as little as £8 million, with Villa treading careful due to the risk of PSR sanctions.
In another report, French sports publication L'Equipe revealed that Atangana will be among a mass exodus from Reims following their relegation to Ligue 2.
The defensive midfielder, who has two years left on his current contract at Reims, can also play as a more advanced midfielder and at right-back.
Atangana has represented France on 45 occasions from under-17 to under-21 level - registering one goal in two caps for the latter.
He helped lead France to the Under-17 European Championship in 2022 and was named in the Under-19 European Championship team of the tournament last year.
Despite suffering relegation, Atangana featured heavily as Reims reached the Coupe De France final, losing 3-0 to Paris Saint-Germain in the final in May.