"He has a good football mind. He's a very technically-minded member of staff here now. I have had a lot of chats with him about the game," new manager Tim Sherwood told Villa's website (www.avfc.co.uk) on Thursday. "He is a great asset."
Petrov, 35, played more than 200 games for Villa and wore the captain's armband.
He also earned more than 100 caps for Bulgaria.
After being diagnosed with acute leukaemia in 2012, the former Celtic favourite received staunch support from Villa fans who broke into applause after 19 minutes of every game -- signifying the midfielder's shirt number.
He was at Villa Park on Tuesday when Villa beat West Bromwich Albion 2-1 to ease their relegation fears and give Sherwood a first win since taking over at the Midlands club.
The two clubs meet again in the FA Cup on Saturday and Sherwood said Petrov's presence would be a huge boost.
"But I don't want him to be a mascot here. I want him to contribute and he certainly can contribute. Stiliyan can add an awful lot to the football club," he said.
"He knows the boys and he's well respected among the group. I think it's important to have as many people who know the fabric of the football club. He's well and he's raring to go."
(Reporting by Martyn Herman; editing by Toby Davis)
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