The England Under-21 international has established himself as one of the most exciting players in the Championship.
Aston Villa have been plunged into a financial crisis and Grealish’s sale would help to ease their woes.
The 22-year-old has been linked with a potential switch to the Premier League over the past couple of weeks.
Grealish has been the subject of a £15m bid from Tottenham Hotspur this week, according to reports in the British media.
Chelsea FC were linked with a £30m move to sign the former Republic of Ireland Under-21 international earlier this month.
Sky Sports News reporter Graves confirmed that Grealish is attracting interest from a number of top flight clubs.
“Tottenham have started the bidding with a £15m bid,” Graves told the Transfer Talk podcast.
“It could become a war from one of the hottest properties in the Championship.
“We know Villa want £40m. There are other teams in for Grealish. Fulham, Chelsea, Leicester and Newcastle.”
Chelsea FC finished in fifth spot in the Premier League table last term and seven points adrift of Tottenham, who ended up in third.
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