"The club is aware of the photographs of Jack Grealish currently circulating," said a club statement.
"We will be meeting with the player but any action will remain an internal matter."
Midfielder Grealish, 19, was warned about his behaviour by Villa manager Tim Sherwood in April.
That came after the teenager was pictured allegedly inhaling nitrous oxide, which is known as laughing gas and can be used as a legal high.
Several photographs of Grealish lying on the floor were posted on Twitter by Briony King, who claimed the footballer was "paralytic".
However, the player seemed to deny it was him when he tweeted: "I'm on the floor apparently."
Grealish, a product of Villa's academy, made 24 first-team appearances last season as he helped the club avoid relegation.
They also reached the FA Cup final, Grealish playing a part in both goals as they recorded a 2-1 semi-final win over Liverpool.
Grealish, who qualifies for both England and the Republic of Ireland, started in the final at Wembley against Arsenal, but Villa were beaten 4-0.
Aston Villa will speak to Jack Grealish after photographs emerged appearing to show the player lying in the street while on holiday in Tenerife.