The Midlanders have enjoyed an excellent start to the season and are currently fifth in the Premier League table following an impressive win at Arsenal.
O'Neill recruited heavily in the summer but plans to be in the market again at the turn of the year as he looks to continue Villa's progression.
He said in the Daily Mirror: "We will be trying to bring in players in the window.
"We are looking to improve the depth and quality of the squad."
Press reports on Thursday link O'Neill with a swoop for Standard Liege midfielder Steven Defour, although it is claimed they could face a battle with Arsenal for his signature.
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