The 33-year-old has shown a positive attitude after going through a year-long battle to overcome acute leukaemia.
With the Bulgarian currently in remission, manager Paul Lambert is keen for the club's No 19 to extend his seven-year stay at Villa Park by offering work as a youth-team coach.
"Thankfully he is getting there," Lambert told the Birmingham Mail when asked about his progress.
"Nearer the time I will speak with him. We will have to see how he feels.
"It is a wee bit away. I don't think he could do the stressful job of being a manager.
"I think he would maybe like to work with younger kids or something, if coaching was a field he was going to go down.
"He was a great player and could give great advice to everyone, but the main thing is he recovers fully from a horrible illness."
Petrov has made 219 appearances for Villa in league and cup, scoring 12 goals.